FASB Announces Topics for September 3rd Board Meeting
Prepping for its board meeting Wednesday, the Financial Accounting Standards Board (“FASB”) has announced the three topics it will cover: Financial instruments—impairment. FASB will continue to discuss Proposed Accounting Standards Update, Financial Instruments—Credit Losses (Subtopic 825-15). The discussion will focus on write-off guidance and clarifying the term which an entity should estimate its projected credit losses for financial instruments. Disclosure framework: disclosure review—fair value measurement. FASB plans to cover application to fair value disclosures of the concepts in the proposed FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements. While no decisions are anticipated from the discussion, prospective. Read More.
IASB Releases IFRS 9 Financial Instruments
Announced on Thursday , the International Accounting Standards Board issued IFRS 9 Financial Instruments, the final component of its response to the financial crisis. Effective January 1, 2018, IFRS 9 features a logical model for classification and measurement, an “expected loss” impairment model and a reformed method to hedge accounting. Originally planned to be a convergence project with the FASB, Financial Instruments was one project where the Financial Accounting Standards Board (“FASB”) and IASB were unable to come to agreement. The FASB is currently working to finish its project on classification & measurement as well as impairment. Early application of IFRS 9 will. Read More.