Banks doubt that FASB, IASB will deliver converged standards

Global banks are feeling less confident that converged financial-instrument accounting standards will be developed, according to Deloitte's Third Global IFRS Banking Survey. The Financial Accounting Standards Board and the International Accounting Standards Board have been unable to resolve the differences in their approaches -- namely, FASB's current-expected-credit-loss model and IASB's three-bucket approach. "If the boards do not converge, this will likely be cited as creating an unlevel playing field between the US and IFRS reporters," the report says.

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