IASB had fallen under pressure from European policymakers to follow similar "relaxations" of accounting standards for off balance sheet activity and level 3 assets. Unlike their cowardly counterparts at FASB, IASB members showed they actually have backbones and rebuffed this pressure. It also helped that the Europeans were divided (as usual) about the issue. The outcome was a non-event and a general postponement to conduct research and gather data (buy more time).
Here is the update: IASB is scheduling a series of 3 SEPARATE meetings in June. It will be a truly international affair w/the meetings set in Toronto, Tokyo, and London. Perhaps this time the views will be more expansive beyond those of old white men. After all, Asian and Middle Eastern investors continue to hold substantial amounts of US and European securities.
The round-table discussions will take place in Toronto on 1 and 2 June, in Tokyo on 8 and 9 June and in London on 15 and 16 June. Each session will be held in public. Interested parties are welcome to register through the IASB’s website on www.iasb.org. Please visit the project and meeting pages of the website also for further details on venue and the exact timing.Source: http://www.iasb.org/NR/rdonlyres/6C3928BA-A93E-4123-846A-940F34CC082D/