In October, the IASB continued its work, often conjointly with the FASB, on a wide range of subjects, giving pride of place to the revision of IAS 39 and issuing additions to IFRS 9 for financial liability accounting.
Each new step in this process appears to widen the gap with US GAAP: whereas IFRS 9 does not challenge the IAS 39 model for measuring financial liabilities (by default, at amortised cost), the FASB is leaning at present towards an extension of financial liabilities measured at fair value. This particular project raises the real possibility that world-wide accounting convergence fail to materialise, unless the FASB decides to backpedal...
New chairman at the IASB from June 2011
The IASB updates its work plan
Defined benefit plans: the IASB confirms the main proposals of the exposure draft
Debt/equity distinction: the IASB decides to defer the project
A new delay for the project on Financial Statement Presentation
Presentation of OCI in a single statement: are IASB and FASB having second thoughts
Consultation on the effective dates of new standards
IFRS 9 supplemented with provisions on financial liabilities
Disclosures for transfers of financial assets
Hedge accounting: imminent publication of an exposure draft
CESR: 9th extract from the database of enforcement
A closer look
Exposure draft on leases: part two
FASB proposals on financial instruments: reactions and impact on convergence
Beyond the GAAP n°38 - October 2010
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