The Financial Stability Board (FSB) has called for the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) to renew efforts to converge impairment of financial assets.
In a report to the G20 Finance Ministers and Central Bank Governors on progress in the financial regulatory reform programme, FSB chairman Mark Carney said while the two standard-setting boards have "made progress in certain areas, including most recently with respect to plans to more closely align their approaches of classification and measurement of financial instruments" they are diverging on loss provisioning for financial institutions.
On the back of this development, the FSB has requested the IASB and FASB produce a joint report on all outstanding items with a specific timetable for completion by no later than 31 June 2013.
The FSB is a G20 taskforce. Carney is also the current governor of the Bank of Canada.
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By GlobalDataInternational Accounting Standards Board
Financial Accounting Standards Board
