The International Accounting Standards Board has issued a discussion paper, "Reducing Complexity in Reporting Financial Instruments," intended to be the first step in developing principles-based standards that are less complicated than existing standards for reporting on derivatives and other investments.

As part of the roadmap for convergence of International Financial Reporting Standards with U.S. generally accepted accounting principles, the U.S. Financial Accounting Standards Board will also consider the discussion paper for publication and comment. The IASB said it and FASB had been urged to develop less complex standards of reporting for financial instruments by many of their constituents.

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