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LONDON — The International Accounting Standards Board has agreed to reconsider the application of its International Financial Reporting Standards to credit unions, based on a comment letter submitted earlier this year by World Council of Credit Unions. The letter was among just a handful of submissions IASB chose to address out of 100 questions it received for the Sept. 10 Webcast.

According to the letter, sent April 4 by Dave Grace, WOCCU’s vice president of association services, certain provisions in the IASB-proposed accounting standards for small and medium-sized enterprises (SMEs) could be detrimental to credit unions.

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