What is vital for the future is that business in Africa gives greater weight to quality, inclusiveness and equity, or the aftershocks from the Arab Spring will spread across the whole continent, feeding on the pentup grievances and aspirations of local people.
For the resulting simplicity will not only help to tell a clear story, but also enhance financial stability. And this is just what the main categories “amortised cost” and “fair value through profit or loss” will do. I know, of course, that the IASB is considering introducing a third category, the so-called Fair Value Through Other Comprehensive Income, or FVOCI.