'A terrible disappointment' - IASB fumes as US rejects common approach

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Efforts by European and US accounting standard-setters to agree a common treatment of financial instruments are in peril after the US Financial Accounting Standards Board (FASB) decided elements of the work on classification and measurement – the second section of the three-part project to hit problems – were too complex.

Reacting to that decision at a stormy February 20 meeting of the International Accounting Standards Board (IASB), chairman Hans Hoogervorst said: "A lot of work has been done

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