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IASB outlines recent responses to credit crisis

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21 Dec 2008

The IASB has issued a press release detailing the steps it has taken recently to address financial reporting issues arising from the global credit crisis, in response to recommendations made by the G20 leaders last month.

Those steps include:

  • Improved accounting for off balance sheet items — Issued an ED on consolidation. Also, further proposals on off balance sheet items, covering the derecognition of assets and liabilities, are due to be published towards the end of the first quarter of 2009.
  • New disclosure requirements related to impairment — The IASB and the US Financial Accounting Standards Board (FASB) are both proposing changes to converge their disclosure requirements for impairments. FASB has already released its ED, and the IASB will do so next week.
  • Acceleration of efforts to address broader issues of impairment on a globally consistent basis — Joint study by the two boards' staff is under way, with a report due in January.
  • Ensuring consistent treatment of accounting for particular credit-linked investments between US GAAP and IFRSs — FASB will issue mandatory guidance.
  • Ensuring embedded derivatives are assessed and separated if financial assets are reclassified — IASB will publish a fast-track ED next week.
  • Considering fully other issues related to financial instruments, including the fair value option, raised at the recent series of roundtables in London, New York, and Tokyo.

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