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Further, IASB has no jurisdiction in relation to national regulation, which is the domain of national regulators.
To illustrate the practical differences between the IASB and FASB approaches, a staff report delivered at the July 2013 joint FASB-IASB board meeting estimated that FASB's rules would be much more expensive for financial institutions to implement.
The meeting was attended by senior representatives of AAOIFI, IASB, central banks and regulatory authorities, national accounting standards boards from a number of countries including Saudi Arabia, the UAE, Indonesia, Malaysia and Turkey.
The publication also explains the many initiatives that are currently being discussed by the IASB and by the IFRS Interpretations Committee, and the potential consequential changes to current accounting requirements.
Although the IASB and FASB agreed that their standards needed to reflect expected-loss rather than incurred-loss principles, they developed different models for recognizing those expected losses.
To learn more about the new standard or the FASB and the IASB, visit www.
Regarding its responsibilities, IASB intends to take action in three main areas:
IASB Chairman Hans Hoogervorst told Lawson, who chairs the accounting panel of the banking commission, at a hearing last week that bringing back prudence would not lead to magical results and that caution was ingrained in IASB rules.
Involving the IASB in Islamic finance may not be easy, however.
The organizations urged consistency between the IASB and FASB exposure drafts in the area of investment properties and fair valuation.
Although the IASB promulgates the accounting standards, each country decides how to utilize them.