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

“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

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

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