IASB and FASB differ on approaches for accounting standard overhaul

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Despite pledging to work together to develop globally consistent accounting standards for financial instruments in response to criticisms at the Group of 20 (G-20) meeting in April, the International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) are taking different approaches to overhauling their current rules and working to different timelines.

On July 14, the IASB released an exposure draft on the classification and measurement of financial instruments

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