IASB and FASB address off balance sheet activity and accounting for financial instruments

BVWireIssue #79-1
April 1, 2009

In a statement issued by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) after last week’s meeting in London, the boards expressed a commitment to a joint approach to “the overall goal of seeking convergence between International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP).” The boards also discussed the projects on financial statement presentation, fair value measurement, financial instruments with the characteristics of equity, and the conceptual framework. Log on to IASB’s Website to register and listen to a Webcast of the meeting.

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