IASB throws accounting lifeline to banks, allows asset reclassification

16 Oct 2008

The International Accounting Standards Board this week unveiled a string of amendments to International Financial Reporting Standards designed to bring its principles in line with US Generally Accepted Accounting Principles.

The greatest impact will likely be felt from IASB’s decision to allow reclassification of financial assets from the trading book the banking book through amendments to IAS 39 and IFRS 7.

"This is going to have quite a significant impact when looking at liquidity going into 2009," said Julian ...

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