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New approaches to three major IASB agenda projects

  • Sir David Tweedie (50x80) Image

16 Aug 2004

In "The Chairman's Page–A Personal View" in the July 2004 issue of the IASB's Insight newsletter, IASB Chairman Sir David Tweedie discusses the Board's revised approach to three major agenda projects: Insurance Contracts, Financial Instruments, and Performance Reporting.

In the next several weeks, the IASB will announce the membership of new advisory groups on those projects. Sir David indicated that the Board's next steps on each of the projects will be to issue discussion papers. "In due course exposure drafts will follow, but that may well be several years into the future."

I want to emphasise that we have not reached any decisions on these three projects. The advisory groups will therefore start with a clean slate. The IASB has made no commitment to a full fair value approach on insurance and financial instruments.... The field tests on the IASB's original proposals on performance reporting showed that we needed to develop alternative approaches.

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