FSB discusses accounting and convergence

  • FSB (Financial Stability Board) (lt green) Image

11 Nov 2013

The Financial Stability Board (FSB) met on 8 November in Moscow. At the meeting, the FSB discussed vulnerabilities in the global financial system and reviewed work plans for completing core financial reforms.

On accounting, the FSB heard updates from the Chairs of the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) on their continuing work to improve and converge accounting standards. Two areas were considered to be especially important for financial stability: loan loss provisioning and insurance contracts. Members of the FSB stressed that they are expecting finalisation of these projects soon and urged the standard-setters to make further efforts to coordinate in that regard in the interest of convergence.

The FSB also discussed proposals from the International Valuation Standards Council (IVSC) to develop valuation standards for financial instruments that could help to augment the valuation rules within accounting standards.

Please click for access to the press release on the results of the meeting on the FSB website.

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