FASB softening stance in bid for convergence, say analysts
US standard-setter tilting towards IFRS on accounting for financial instruments
The Connecticut-based Financial Accounting Standards Board (FASB) is putting forward a flurry of major changes to US accounting for financial instruments – most of which appear to lean heavily towards International Financial Reporting Standards (IFRS).
On February 9, the FASB released a discussion paper on hedge accounting, following exposure drafts on offsetting and loan impairments. They come after an original exposure draft from May 2010 was heavily criticised.
Analysts say the fresh
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