Despite being convinced that prior IFRS requirements were sufficient and provided
warning signs of a crisis that people chose to ignore, the current IASB Chairman,
Hans Hoogervorst, is confident that international financial instruments accounting has
been improved. However, he recognised that the joint project had failed as U.S.
GAAP and IFRS still differ substantially on Classification and Measurement,
Offsetting, and Impairment, i.e. the key features of financial instruments accounting
(IFRS Foundation 2014a). This sentiment is echoed by the FASB on its financial
instruments project page of its website: “Over time, the FASB and the IASB took
different approaches to various aspects of the accounting for financial instruments”