Financial instruments accounting
22 Nov 2010
In a feature posted to the IASB's website today, Sir David Tweedie, Chairman of the International Accounting Standards Board (IASB), provides an update on the IASB's project to reform financial instruments accounting talking about what has been achieved, as well as the work ahead of the IASB.
The reform of financial instruments accounting is one of the most important and complex projects the Board is undertaking. Sir David provides details on the general approach, the three phases of the project, the convergence with US GAAP, and effective dates. He comes to the conclusion:
On balance, I believe that the development of IFRS 9 has shown how 21st century standard-setting should be done, and the legacy of the project will be a high quality, principle-based standard that provides increased, useful information for investors and other users of financial statements.
Click for the feature on financial instruments accounting on the IASB's website. Our IAS Plus summary of the Board's project to replace IAS 39 is available here.
