Asset management trade body opposes IASB/FASB direction

Asset management trade body, the Investment Management Association (IMA), has opposed a key tentative agreement between international and US standard setters in their discussions on developing a common financial reporting framework. In a letter to the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB), the IMA warned against moving financial reporting from a “parent” concept, where accounts are prepared for shareholders, to an “entity” basis which would see information prepared for a wider range of users.