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EFRAG urges the IASB to move rapidly to a conclusion on the work it is carrying out. A new standard on recognition and measurement of financial instruments that would replace IAS 39 needs to be developed as soon as possible and important aspects of that work need to be in place in time for implementation in the 2009 financial statements.
The FASB's unilateral amendments raise a number of concerns, EFRAG notes, criticizing that the FASB’s actions do not appear to be consistent with the notion of “working co-operatively and in an internationally co-ordinated manner”.
EFRAG is very concerned that unilateral changes to requirements will result in weak accounting standards. Piecemeal solutions will inevitably slow down the development of a comprehensive global solution, it underlines. The FASB standard setting has a tendency of not taking properly into account the needs of all stakeholders and as a result may compromise on the quality of the financial reporting standards and information provided to users, EFRAG states.
Deadline for comments is 17 April 2009.