Sir David Tweedie, chairman of the International Accounting Standards Board,
has moved again to distance himself from US plans to have the fair value
principle apply to a much broader range of asset classes.
TV he said the US approach looked unacceptable to the rest of the world.
Sir David is quoted saying: “We put out our proposals for financial
instruments which puts some items… debt instruments, loan books… would be at
cost, the rest at fair value.”
“Their proposal is everything at fair value. I don’t think that is acceptable
worldwide and in some segments of the United States either,” Tweedie said.
Earlier this week Sir David gave a speech in Brussels in which he reassured
European officials and politicians that attempted to quell fears that the IASB
was more interested in the views and changes in the US.
He said: “We at the IASB do not want to be necessarily bound to US standards
when we believe that there is a better way to secure the confidence of
international capital markets and investors,” he said.
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