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Accounting Boards Split on Rule for Financial Instruments

Tammy Whitehouse | July 19, 2012

Just as the Securities and Exchange Commission shifts greater attention on the convergence effort to bring international accounting standards to the United States, standard setters working to converge U.S. and international rules have parted ways on impairment for financial instruments.

Hans Hoogervorst, chairman of the International Accounting Standards Board, made no attempt to hide his annoyance when the Financial Accounting Standards Board decided it needs to do more research before publishing an exposure draft of a proposed impairment solution that both boards agreed to in May. “Both boards have made three attempts at solving this project, two of which were joint attempts, and we have one lying ahead of us now,” Hoogervorst said during a joint meeting with FASB, according to the IASB transcript. “These were very difficult decisions and we were very happy that we finally...

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