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January 29, 2012

IASB, FASB to work on IFRS 9 alignment

International and US standard setters have begun the process of reducing the differences in their classification and measurement models for IFRS 9 to more closely align US GAAP with IFRS.

The discussions between International Accounting Standard Board (IASB) and the US Financial Accounting Standard Board (FASB) is part of the project undertaking limited-scope changes to IFRS 9 with the aim to develop a new IFRS on insurance contracts.

“When IFRS 9 was introduced in 2009 we said that further amendments might be required once the direction of travel on insurance contracts became clear. We are now at that point. At the same time, this limited-scope review now presents an ideal opportunity to align IFRS and US GAAP more closely, in this important area of financial reporting.’ IASB chairman Hans Hoogervorst said.

FASB chairman Leslie Seidman said the boards have been urged to converge their standards on financial instruments.

“The decision to work together on key differences, which represent the most significant remaining differences between the decisions reached to date, is responsive to stakeholders in the US and abroad,” Seidman explained.

The boards will explore key aspects of their respective models and then decide whether to issue proposed amendments to IFRS 9 and US GAAP.

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