The IASB has tried to rectify the situation by introducing IFRS 10 on Consolidated Financial Statements while the FASB has also worked towards toughening off-balance sheet accounting rules. 21.
A preliminary report was released for public comment in July last year and we received a good amount of constructive feedback on it.2 The final report of the FXBG was presented to, and approved by, the Financial Stability Board last September.3 I have had a number of people ask what status the report has.