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Angry Reaction to Rejection of IFRS 9 in Europe

Global Glimpses | November 23, 2009

The European Commission’s refusal to adopt a new International Financial Reporting Standard on financial instruments has provoked an angry reaction from parts of the trading bloc’s accounting profession.

The International Accounting Standards Board released “IFRS 9 Financial Instruments” on November 13 after calls from the G20 nations to simplify accounting in this area. But a panel of experts that advises the Commission on accounting issues said it would not decide whether to adopt the standard until it had seen how IASB plans to reform other aspects of accounting in this area. The experts said they were concerned that IASB had not struck the right balance between ...

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