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IASB Moves to Fix Rushed Reclassification Ruling

Global Glimpses | December 23, 2008

Act in haste, repent at leisure: The International Accounting Standards Board has announced plans to fix a problem with an amendment to financial instrument reclassification rules that it rushed through in October.

TweedieActing under intense pressure from European politicians—pressure that almost made IASB Chairman Sir Davie Tweedie resign—in October the Board suspended its normal process of exposure and consultation to change its rules in a way that allowed banks to protect some financial assets from massive write-downs in accordance with fair-value accounting rules.

But since then, accounting experts...

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