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The Trustees of the IASC Foundation announced their unanimous support for the approach that the IASB laid out to eliminate any differences in how International Financial Reporting Standards and US GAAP address the issue of reclassification of financial instruments. The Trustees support the IASB’s intention to complete this work by the end of next week.
Trustees support the plans to work speedily with the US FASB to ensure that their guidance is equivalent and therefore has the same effect across borders. The objective would be to create a level playing field for those companies applying IFRSs and those using US GAAP.