Wednesday, August 12, 2009

FASB, IASB Projects Advance on the FIRM

FASB and the IASB are continuing their focus on developing new standards on accounting for financial instruments. FASB is slated to meet tomorrow (Thurs. Aug. 13) on its FIRM project: Financial Instruments Recognition and Measurement.

Separately, comment deadlines are approaching on related proposals issued by the IASB (comment deadline in parenthesis): Financial Instruments: Classification and Measurement (Sept. 14); Financial Instruments: Impairment of Assets (Sept. 1); Credit Risk in Liability Management (Sept. 1); Fair Value Measurement (Sept. 28). (See also: Fair Value Measurement ED – Marked Up Text.)

FASB also has a proposal currently out for comment on Proposed Statement, Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses (Aug. 24).

In related news on the financial instruments front, FASB and the IASB recently announced they will hold a series of roundtables on financial instruments. Dates/locations are: Sept. 3 (Tokyo), Sept. 10 (London), Sept. 14 (Norwalk, CT).

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