EU finance ministers back asset reclassification
Level playing field sought with US business
Level playing field sought with US business
EU finance ministers have reiterated calls for banks to be allowed to
reclassify assets in line with current US practice.
The Internantional Accounting Standards Board announced on Friday of last
week that it would look at the rules for international standards in meetings due
to take place next week.
However, sources within the IASB have indicated that they do not see a
reclassification, if introduced, as a means by which toxic assets could be
reclassified and therefore a fair value valuation.
The IASB has also said it will look at introducing anti-abuse measure and has
said it regards reclassifications as ‘rare’.
After the meeting on Tuesday, French finance minister Christine Lagarde said
that the measure was intended to put European companies on an ‘equal footing’
with their US counterparts.
Reclassification would permit some assets to be moved from ‘held for sale’ to
‘held for investment’ thus not subject to fair value.
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