US changes should not be adopted, says ICAS

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Changes to accounting rules in the US could undermine confidence in financial reporting, according to the Institute of Chartered Accountants of Scotland (ICAS).

Financial Accounting Standards Board (FASB)recently amended the rules to allow companies listed on American exchanges greater scope to value certain financial assets based on their own models, rather than market prices.

ICAS argues that the International Accounting Standards Boards' (IASB) existing guidance in this area is sufficient and any further changes will question the ability of the standard setter to withstand political pressure.

The IASB should resist following the example of the United States", said High Shield, chief economic adviser at ICAS.

"The US changes are an attempt to respond to institutional concern about c...

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