The International Accounting Standards Board IASB) has hit back after criticism that International Financial Reporting Standards' (IFRS) use of fair value measurement encourages short termism in investment decisions, claiming there are misconceptions about its use and emphasising that plans to replace the standards on financial instruments and insurance contracts will not lead to increased use of fair value accounting. 

ACCA wants the International Accounting Standards Board (IASB) to reconsider some fundamental aspects of the global standard for the acquisition of businesses, IFRS 3, saying more work needs to be done on issues including accounting for goodwill and for intangibles.