If you think you understand IAS 39, "Financial Instruments: Recognition. and Measurement," then you haven’t read it, according to Sir David Tweedie, chairman of the International Accounting Standards Board.
Tweedie said that the convergence of accounting standards around the world is necessary for the free flow of capital and the development of “strong, stable, and deep financial markets which encourage investment and growth,” but could not be implemented under a detailed rules-driven approach.
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