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Fifteen Banks Urge FASB and IASB to Cooperate

May 15, 2013, 07:13 AM
Filed Under: Regulatory News
Related: FASB

According to a report on Accounting Today, fifteen of the largest banks in the U.S. have written a letter to the chairmen of the Financial Accounting Standards Board and the International Accounting Standards Board encouraging them to resolve their differences over the standards for credit losses in their financial instruments convergence project.

The report indicates the banks composed a joint letter addressed to FASB chair Leslie Seidman and IASB chairman Hans Hoogervorst. 

According to Accounting Today, the banks believe the differences between the models proposed by the boards are far too great and will generate vastly different results and urged the boards to renew thier level of cooperation.

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