What actually is Basel's contribution to the new IASB impairment model?

Just returning from a talk by Sir David Tweedie. Funny as always and sharp, he discussed a short history on accounting standard setting. He spared few parties, with France taking most of his flak. Perhaps Sir David has a point. Accounting standard setting would be different if France was not involved.

But why blame France? In 2008 I really read an early-…