Rate-regulated business: grandfathering local GAAP

April saw the publication of the exposure draft of an interim standard that would permit companies whose prices are regulated to maintain regulatory assets and liabilities. Meantime the International Accounting Standards Board (IASB) will take time out to think about whether these are assets and liabilities in International Financial Reporting Standards (IFRS) terms. The month also saw the curious sight of French banks asking to keep parts of IAS 39, Financial Instruments: Recognition and Measurement, in service for a few more years.