The Trustees of the International Accounting Standards Committee Foundation gave the International Accounting Standards Board the go-ahead to suspend due process rules in order to accelerate their response to the credit crisis.
At a meeting in Beijing, the trustees supported the IASB's plans to seek appropriate language to eliminate any differences in how International Financial Reporting Standards and U.S. generally accepted accounting principles address the issue of reclassification of financial instruments. The trustees support the IASB's intention to complete this work by the end of the week.
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