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In case you’ve missed it, significant efforts are currently underway to align U.S. accounting practices with standards that are followed in other parts of the world (the convergence process). To accomplish this monumental task, the U.S.-based Financial Accounting Standards Board is working closely with the International Accounting Standards Board. The IASB and FASB met in mid-December 2011 and reached tentative conclusions concerning new methods to account for the allowance for loan losses. These new methods will result in significant changes to current practice, and, in my opinion, will create even more complexity, confusion and diversity in practice compared with current accounting standards.

Peter Westerman

Credit Union Times

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