The International Accounting Standards Board announced its intention Monday to create a transition resource group that will focus on the upcoming new requirements for impairment of financial instruments under International Financial Reporting Standards.
The IASB and the U.S. Financial Accounting Standards Board have been unable to reach an agreement on how to handle the impairment of financial instruments such as bank loans. Next month, the IASB plans to release IFRS 9, its financial instruments standard, which continues to differ in key respects from the current U.S. GAAP standards.
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