Concern that the latest action by accounting standard setters to respond to the financial crisis is creating differences between U.S. and international rules is “overstated,” according to the International Accounting Standards Board.

IASB defended its recent decision to cut to 30 days its consultation process for a pair of rulings on fair-value measurement and impairments of debt securities that FASB, the U.S. standard setter, published on April 2. The shortened consultation was justified by “the urgency of the issue,” IASB said.

It added that a preliminary review of FASB’s rulings by IASB staff showed that “Initial reports regarding new or additional divergences between IFRS and U.S. GAAP being created by [the rulings] appear to be overstated.”

Compliance Week has reported doubts among accounting experts about the speed and direction of rule changes announced by IASB since the start of the financial crisis, and the limited time it has allowed for consultation. The board has already had to correct one decision made in haste.

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