The International Accounting Standards Board said that the Financial Accounting Standards Board’s recently issued guidance on fair value measurement is consistent with its existing guidance, but it still sees a need to revise its own controversial standards to account for the impairment of illiquid assets.

The IASB has set out a detailed six-month timetable for publishing a proposal to replace its existing standard for financial instruments, IAS 39, “Financial Instruments: Recognition and Measurement.” European Union Internal Market Commissioner Charlie McGreevey and other EU finance ministers have been pushing for more immediate changes in the impairment standards to match the U.S. revisions recently announced by FASB, but the IASB has rebuffed them for now, according to Reuters.

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