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Reuters: FASB and IASB No Closer On New Bank Loan Rules

July 24, 2013, 06:58 AM
Filed Under: Regulatory News

Reuters reported that the  U.S. Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) found little common ground during a meeting held on Tuesday to help shield taxpayers from further bank bailouts despite calls from governments for faster progress.
According to Reuters, the G20 asked the two accounting bodies negotiating the reform to find a common rule by the end of 2013, a deadline that has shifted several times as the prospect of compromise moved further out of sight.

Reuters says the staffs from both boards will search for common ground ahead of the next meeting to be held in September, a spokesman for the IASB said.

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