FASB to Negotiate on Fair-Value, New IASB Head Tells Les Echos

The U.S. Financial Accounting Standards Board “is ready to move towards a more balanced approach” on whether to apply fair-value accounting to all financial assets, a position that has threatened convergence with the London-based International Accounting Standards Board, Les Echos said, citing IASB incoming president Hans Hoogervorst.

The two groups should have finished harmonizing international accounting standards to be applied worldwide when Hoogervorst takes office on July 1, 2011, he told the newspaper.

“IASB governance needs to be strengthened” and accounting standards should be kept clear and consistent to avoid confusion for investors and the general public, Hoogervorst said, according to the newspaper.

To contact the reporter on this story: Heather Smith in Paris at hsmith26@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net.

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