RegulationAccounting StandardsBanks face rules for ‘strict and detailed’ disclosure

Banks face rules for 'strict and detailed' disclosure

IASB could make 'strict and detailed' rules mandatory for banks to disclose their off-balance interests

Sir David Tweedie,
International Accounting
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.

Further reading:

Profile: Sir David Tweedie, setting the standards

Credit crunch sparks fair value revolt

Read
the full story in the Financial Times

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