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European and Japanese business groups concerned about FV trend

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20 Apr 2004

A joint Public Statement (PDF 58k) issued by an unusual alliance of groups representing European small business and Japanese big business states that those groups "strongly oppose the IASB's further consideration of the 'full fair value concept' without further research on the needs of users and preparers, and the economic consequences of this fundamental change in concepts because of its inherent theoretical and practical problems." They note that the full fair value concept manifests itself in the current IASB projects on Performance Reporting (Comprehensive Income Reporting), Financial Instruments, and revisions to Accounting for Employee Benefits including Pensions.

The two groups are Nippon Keidanren (whose membership includes 1,600 companies and industry organisations in Japan) and UNICE (a federation of 36 industry groups in 29 European countries).

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