Accounting Today writes that 15 of the largest banks in the U.S. have written a letter to the chairmen of the FASB and the IASB encouraging them to resolve their differences over the standards for credit losses in their financial instruments convergence project.

Accounting Today said the banks have several concerns with each model and noted they believe a single fundamental change would help facilitate a compromise between the two boards while simultaneously addressing many of the core concerns with the proposed models.

To read the Accounting Today story click here.