Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

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...

Buy this article for $49, or subscribe to Compliance Week for a month at $149 and get unlimited article access for 30 days.