HSBC commits to IASB derivative rules
As the International Accounting Standards Board announced plans to replace controversial hedging standard, IAS39, Europe's biggest bank, HSBC, has committed itself to adopting global derivative rules.
Link: IAS39 to be replaced
The bank’s finance director, Douglas Flint, told the FT HSBC could cope with the IASB’s derivative rules, adding that the bank would use all the rules put out by the IASB as it ‘wanted to be on international accounting standards’.
HSBC said it would adopt the rules even if the European Commission rejects them.
Its stance could force rival banks, who have vehemently opposed IAS39, to follow suit.