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IASB Finalizes New Standard on Financial Instruments

Tammy Whitehouse | July 24, 2014

Companies following international accounting rules now have a comprehensive new standard to follow for how to recognize financial instruments in their financial statements, with counterpart U.S. rules expected by the end of the year.

The International Accounting Standards Boards issued IFRS 9 Financial Instruments to overhaul the accounting for all financial instruments starting in 2018. The standard, one of the cornerstone efforts with the Financial Accounting Standards Board to converge U.S. and international accounting rules, will require banks to take a new approach to financial instrument accounting, most notably recognizing expected losses in their loan portfolio to alert investors earlier to signs of trouble.


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