The Basel Committee on Banking Supervision, an influential group of international banking regulators, has released a set of guiding principles to help the International Accounting Standards Board set new standards for financial instruments to deal with the aftermath of the financial crisis.

The principles relate to the replacement of IAS 39, the standard for financial instruments, which the IASB has been revising in response to the crisis. One of the key recommendations advises against extending fair value accounting to loans, as the U.S. Financial Accounting Standards Board has recently proposed.

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