Sir David Tweedie,
Standards Board (IASB) chairman, has suggested international standards soon
under consideration might make it mandatory for banks to disclose their
off-balance sheet interests in a strict and detailed form.
Sir David told the Financial Times ‘we might even mandate the
disclosure – not only saying: “you have to show these things,” but “this is
exactly how you’re going to show it”. We don’t normally do that.’
The changes are part of a raft of credit squeeze-related matters under urgent
consideration by the IABS following a request from the Financial Stability Forum
which last week presented a paper at the G7 finance ministers’ meeting.
IASB is expected to produce a draft proposal on improved standards this
autumn. Demonstrating the importance of the issue, it will not issue the usual
discussion paper and is expected to give the draft a minimum consultation period
of 60 days instead of the customary six months.
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