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IASB rejects U.S. plans to widen fair value scope

"The top accounting rule setter said on Wednesday that U.S. plans to widen the scope of a rule blamed for amplifying the credit crunch was unacceptable, raising doubts over a 2011 deadline for a global set of accounting rules.  The G20 group of countries agreed on a June 2011 deadline last Friday to make it easier for investors to compare companies from different countries and cut red tape for listed firms.  But the International Accounting Standards Board (IASB) and its U.S. equivalent, the Financial Accounting Standards Board (FASB) have come up with different ways to reform their respective fair value rule in the face of political pressure..."
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Source: Reuters