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Van der Tas comments: The IASB has addressed some of the concerns raised by respondents about the cost and complexity of implementing the new standard.
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.
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.
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.
1 focuses on financial reporting while the IASB Framework focuses on financial statements.
The organizations urged consistency between the IASB and FASB exposure drafts in the area of investment properties and fair valuation.
Thus, while significant differences between IASB and FASB positions remain, it is expected these will be reconciled prior to the release of the common ED, setting the stage for a major change to insurance accounting standards in 2011--not only for Europe, but for those reporting under U.
Based in London, the IASB sets International Financial Reporting Standards, which are required or allowed in 117 countries.