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AIA

Fair value reform pushed forward

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22nd May 2009
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The International Accounting Standards Board (IASB) has agreed to speed up the revision of fair value and mark-to-market rules.

News reports indicate that the standards setter took the decision at a board meeting held yesterday.

"It's true we are trying to be responsive to them to get something urgent, but what we are focussing on is the G20 request to reduce complexity by year-end," IASB board member John Smith told Reuters.

He also revealed that a July draft will analyse the classification and measurement of assets, while a second document will follow later in the year focusing on impairment and provisioning, with a final document thereafter on hedging.

An overhaul of the IAS39 rule on fair value and mark-to-market was originally due to be published in October but European Commission said this was not fast enough as it wanted changes in place in time for when banks complete their 2009 annual reports.

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