PracticeAuditIASB on collision course over IAS39

IASB on collision course over IAS39

The IASB decision to include fair value measurements for financial assets and liabilities as part of IAS39 has set the board on a collision course with companies when it holds a further public meeting to discuss the issue next February.

Link: IASB ‘always had plans to overhaul IAS39’

Companies, regulators and standards setters will meet next February to further debate the issue of measuring assets and liabilities at fair value, which critics say will cause too much volatility in the accounts and won’t represent the true picture of a company’s business.

But few hold out much hope of resolving the issue at the meeting. An executive of the European Central Bank said it supported a principles over rules approach to accounting but wasn’t hopeful the meeting would solve the stalemate.

‘In the past issues have been rarely solved by holding such a meeting,’ the Financial Times reported.

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