October 2010
Each new step in this process appears to widen the gap with US GAAP: whereas IFRS 9 does not challenge the IAS 39 model for measuring financial liabilities (by default, at amortised cost), the FASB is leaning at present towards an extension of financial liabilities measured at fair value. This particular project raises the real possibility that world-wide accounting convergence fail to materialise, unless the FASB decides to backpedal...