Bankers concerned about pace, direction of standard-setting

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14 Aug 2009

The American Bankers Association has released a white paper expressing concern about The Current Pace and Direction of Accounting Standard Setting.

The paper notes that while the IASB and the FASB are working on many similar projects, including financial instruments, they are moving toward 'different solutions and at different speeds, which may make international convergence impossible'.

The rapid paces at which both organizations are working, as well as the directions in which they are heading, are causing some to question whether there is due process in evaluating these important issues. Some bankers also question whether such efforts are driven by a search for simplicity, transparency, and accuracy or by an appetite to expand fair value accounting, no matter the implications.

Click to view The Current Pace and Direction of Accounting Standard Setting (PDF 266k).

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