Very impressed with the IASB and FASB’s stance announced last night. they have declared they will establish a new ‘high-level’ advisory body to look at credit crunch accounting issues that will advise both boards on a way forward.
This new body will take a special look at finding a long-term solution to accounting for financial instruments – now one of the most controversial elements in the crisis.
This is very clever because the European Commission is today looking at further measures -including a large scale carve out of IAS39 – that would apply to EU companies only.
Now the IASB/FASB stance is clearly all about a ‘global’ solution to a global crisis. It’s not just about the EU. That’s clever because it grabs the moral high ground and declares that a global solution, found for the long-term, has got to be better than a short -term answer for a limited group of companies hatched in the European Commission.
Will it be enough to head off intervention from the Commission that is clearly unwanted by investors? There are powerful forces ranged against the IASB and its current stance on fair value – namely France. And France currently has the presidency of the Commission. Still, that doesn’t make it a foregone conclusion. Hopefully we should know by the end of today.
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