After opposition from business and the accounting profession, the International Accounting Standards Board has shelved its plans to fast-track changes to its technical corrections policy.

A large number of negative responses to the proposal itself, as well as the difficulties already being encountered with the first trial corrections to IAS21, " Changes in Foreign Exchange Rates," prompted the change.

The proposed policy had provoked critical reaction to altering the contents of standards without publishing a full, revised version. Those disaffected included the Hundred Group of FDs, Barclays and the U.K. Accounting Standards Board.

The board also recently made a discussion paper, "Measurement Bases for Financial Accounting -- Measurement on Initial Recognition," available for public comment. It can be accessed online at http://www.iasb.org/current/dp_pv.asp.

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