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ASB WANTS IAS 39.
(From Financial Director)
Byline: Peter Williams.
Is it a strong signal of support for the international harmonisation of accounting standards, an admission that there is no longer such a thing as UK GAAP, or another move which will increase the confusion around the introduction of international accounting standards?
All of these interpretations are possible following the decision by the UK's Accounting Standards Board to widen the scope of the incoming standards on financial instruments.
ASB chairman Mary Keegan's comments confirm how closely the ASB now follows the IASB: "Now that the IASB has issued its revised versions of IAS 32 and IAS 39, it is time for us to start implementing them in the UK. A consistent approach to the measurement of financial instruments is very important, as is the greater use of fair values, particularly for derivatives, so we are proposing that all listed entities should be required to apply the international standard."
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