Abuse of revised IFRS standards “inevitable” – IASB’s Leisenring

The new International Financial Reporting Standard (IFRS) 9 for financial instruments accounting will “inevitably lead to abuses and accounting arbitrage”, according to Jim Leisenring, a member of the International Accounting Standards Board (IASB).

The first part of the new directive, approved at the end of 2009 and to be expanded to encompass hedging and impairment issues in 2010, would allow the valuation of financial products at amortised cost, rather than fair value, in management of

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