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CESR agrees with EFRAG that the initiatives taken by the FASB do not appear to be consistent with previous joint announcements which have emphasised the importance of working co-operatively and in an internationally co-ordinated manner.
CESR is of the view that it would be better or ideal for the IASB to wait for a comprehensive and joint solution on financial instruments than aiming at issuing piecemeal guidance on various areas of fair value accounting for financial instruments.
Full response
Resoponse to IASB