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August 27, 2009

Bankers fear divergence

The American Bankers Association (ABA) is unhappy with the approach US and international standard setters are taking on financial instruments projects.

ABA director of tax, accounting and government relations Donna Fisher said in a letter to the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board that the new, divergent, time frames are a concern.

“The FASB will have only one of two choices,” Fisher said. “One, to follow the IASB model, which will not provide US companies with appropriate due process for providing input, or two, a lack of international convergence, which should be avoided.”

Fisher was also unhappy with the IASB’s piecemeal approach to the standard.

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