IASB chief says accounting standards reform under way

The head of the International Accounting Standards Board, David Tweedie, told a U.K. Parliament committee on Monday that standards reform for complex financial instruments was in progress and nearing completion. Tweedie insisted the board had taken its own line on the subject and was not influenced by U.S. changes in accounting standards. IASB's reform will reduce the complexity of accounting for financial instruments, Tweedie added.

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