IASB - Update to European Finance Ministers (ECOFIN)

Sir David Tweedie, Chairman of the International Accounting Standards Board (IASB) has updated the European Finance Ministers (ECOFIN) on reforms to IAS 39 Financial Instruments.  He expained that the new standard on classification and measurement responds directly to the call of the G20 Leaders to reduce the complexity of accounting standards for financial instruments. He also noted that the IASB has taken into account the Basel Committee guiding principles on IAS 39 and the report of the Financial Crisis Advisory Group. The IASB is also working closely with the European Commission and the European Financial Reporting Advisory Group (EFRAG) to facilitate a smooth endorsement. (Read the IASB Press Release.)