Fifteen of the largest banks in the U.S. have written a letter to the chairmen of the Financial Accounting Standards Board and the International Accounting Standards Board encouraging them to resolve their differences over the standards for credit losses in their financial instruments convergence project.
After initially agreeing on the proposed changes they wanted to make in the standards, FASB and the IASB parted ways during a contentious meeting last year (see FASB Splits with IASB on Impairment Standards). The two boards have since issued differing exposure drafts on their proposed changes in the accounting standards for loan loss provisioning and expected credit losses for loan impairment, but said they hope to come together after receiving feedback from their stakeholders (see FASB Proposes More Timely Recognition of Expected Credit Losses and IASB Diverges from FASB in Revised Loan Loss Proposals).
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