The Financial Accounting Standards Board said it is taking a different approach than the International Accounting Standards Board in the impairment of financial instruments after a joint meeting Wednesday that ended in outspoken disagreement.
FASB noted that in the outreach it had conducted with various constituents and stakeholder groups, including U.S. regulators, they had expressed problems with the "expected loss" impairment approach previously agreed to by the boards. At the conclusion of the meeting, IASB chairman Hans Hoogervorst told FASB chair Leslie Seidman that he was worried the entire effort might unravel after three years of work and three separate attempts to get the standards right.
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