IASB announces next steps in response to credit crisis
04 October 2008
The IASB will work on the consistency of fair value measurement guidance between the IFRS and US GAAP, and will review the influence of the US Emergency Economic Stabilization Act.
The IASB is closely monitoring developments in the United States and other jurisdictions to avoid unnecessary inconsistencies in accounting treatments under IFRSs and US GAAP.
The IASB work on the following issues:
- Consistency of fair value measurement guidance between IFRSs and US GAAP
- Develop a common approach on the valuation of financial assets and liabilities resulting from purchases made through the US Emergency Economic Stabilization Act of 2008 and any other similar programmes internationally, if and when these programmes are initiated.
- Immediate consideration of the ability to reclassify financial instruments, including an assessment on inconsistencies in how IAS 39 and US GAAP practice address the issue of reclassifications and whether to eliminate any differences.
- The discussion paper on “Reducing Complexity in Reporting Financial Instruments” is the starting point for considering a possible replacement for IAS 39.
Press release
© IASB - International Accounting Standards Board
