Additional Work Required On JWG Accounting Standard, According to ISDA.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 6, 2001 The International Swaps and Derivatives Association The International Swaps and Derivatives Association (ISDA) is a trade organization of participants in the market for over-the-counter derivatives. It is headquartered in New York, and has created a standardized contract (the ISDA Master Agreement) to enter (ISDA ISDA See: International Swap Dealers Association ) yesterday filed comments on the Draft Standard "Financial Instruments and Similar Items," proposed by the Joint Working Group of Standard Setters ("JWG JWG Joint Working Group JWG GCOS/GOOS Joint Working Group (Australia) JWG Jerusalem Working Group "). The full text of the response is accessible on ISDA's web site: www.isda.org "ISDA welcomes the JWG's initiative in seeking to achieve comparability in the accounting treatment of financial instruments and recognises the publication of the Draft Standard as an important step in that process. However, our Committee strongly agreed that a fair value model based on guidance contained in the draft standard would be significantly flawed," said Robin Doyle, Vice President, JPMorgan Chase JPMorgan Chase (NYSE: JPM TYO: 8634 ) is one of the oldest financial services firms in the world. The company, headquartered in New York City, is one of the leaders in investment banking, financial services, asset and wealth management and private equity. With assets of $1. and Chair of ISDA's North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Accounting Committee. The draft standard, issued in December of last year, represents the views of the JWG members, who are representatives or members of accounting standard setters or professional organisations Noun 1. professional organisation - an organization of and for professional people professional organization organization, organisation - a group of people who work together in 10 jurisdictions. The primary objective of the draft standard is to reflect in the balance sheet and income statement the effect of market events on the fair value of an enterprise's financial instruments, and similar items, in the periods in which these events occur. "In addition to comments on the technical aspects of the document, ISDA is also concerned that the sheer volume of material covered in this draft resulted in a flawed consultation process. Addressing the issues through smaller, more focused projects would allow for a better assessment of the impact of implementation," said Rob Stevens, Managing Director, CSFB CSFB Credit Suisse First Boston CSFB Cyclically Shifted Filter Bank and ISDA's European Accounting Committee Chairman. ISDA recommended the development of separate projects on measurement, recognition and derecognition, liabilities vs. equity, hedging and consolidation. ISDA is the global trade association representing leading participants in the privately negotiated derivatives industry. ISDA was chartered in 1985, and today has more than 530 member institutions from 41 countries on six continents Six Continents is a large retail PLC in UK which split into Six Continents Retail known as Mitchells and Butlers plc. The hotels and soft drinks business of Six Continents PLC is now known as InterContinental Hotels Group PLC. . These members include most of the world's major institutions that deal in privately negotiated derivatives, as well as many of the businesses, governmental entities and other end users that rely on over-the-counter derivatives to manage efficiently the financial market risks inherent in their core economic activities. Information about ISDA and its activities is available on the Association's web site: www.isda.org. |
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