Thursday, July 16, 2009

IASB Gets Some Backup Defending Their Turf Against France and Germany

Yesterday we brought up how some German and French insurance were less than cool with the new proposals put forth by the IASB that would make everybody's favorite valuation method, mark-to-market, pretty much mandatory on any investment that isn't a fixed income security (read: that's lots of stuff).

The Finance Ministers of those countries, on behalf of said insurance companies, decided to write a very cordial letter that probably went something like this:
We're writing to inform you that the proposals you put out totally suck and you need to move up the review process so they can write more letters that will reiterate how MTM sucks and we're going to continue to write to you about it until we get our way, goddamnit. I think you know how we deal with things in France when we don't get our way and Germany, well, we won't go there.
French and German Finance Ministers
Which caused the two professional accounting associations in Europe, the Institute of Chartered Accountants in English and Wales (ICAEW) and the Chartered Institute of Management Accountants (CIMA) to retort with:
Dear French and German Finance Ministers,
First: You guys are talking after the whole WWII thing? France, especially you...whatevs...
Second: BTFO of the IASB's biznass.
'Hands off the IASB,' say institutes [Accountancy Age] Sphere: Related Content

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