The IASC Foundation trustees unanimously support for the approach that the International Accounting Standards Board (IASB) laid out on 3 October to accelerate its response to the credit crisis. Under this approach, the IASB will seek appropriate language to eliminate any differences in how International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP) address the issue of reclassification of financial instruments. The trustees have agreed that the IASB can suspend its normal due process. This will permit any IASB decision on reclassification made next week to take effect for the third quarter. The trustees support the IASB’s intention to work speedily with the US Financial Accounting Standards Board (FASB) to ensure that their guidance is equivalent and, therefore, have the same effect across borders. The objective would be to create a level playing field for those companies applying IFRSs and those using US GAAP. Such a position would be in line with and supportive of the statements of European leaders, and finance ministers through the ECOFIN Council, to ensure that “European financial institutions are not disadvantaged vis-à-vis their international competitors in terms of accounting rules and of their interpretation”.
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