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Trustees support IASB's accelerated steps on the credit crisis

  • IASC Foundation (blue) Image

09 Oct 2008

At their meeting in Beijing today, the Trustees of the IASC Foundation announced their unanimous support for the approach that the International Accounting Standards Board Announced on 3 October 2008 to accelerate its response to the credit crisis.

Under this approach, the IASB will seek appropriate language to eliminate any differences in how International Financial Reporting Standards and US GAAP address the issue of reclassification of financial instruments. The Trustees support the IASB's intention to complete this work by the end of next week. Click for IASC Foundation Press Release (PDF 179k). An excerpt:

In reaching this common view, the Trustees emphasised that they do not and would not take positions on the specific technical content of IFRSs; the Trustees therefore reaffirmed their commitment to preserving the independence of the IASB's standard-setting process. With more than 100 countries now using IFRSs, the Trustees highlighted the fact that any weakening of the IASB's independence would be likely to reduce transparency, potentially lead to a weakening of standards worldwide, and would ultimately undermine investor confidence at a fragile time for the world's markets.

 

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