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February 02, 2012 12:17:23 pm

FASB, IASB to Turn Attention to Classification and Measurement for Financial Instruments

The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) announced plans to work together on classification and measurement models for financial instruments.  The boards will decide whether to propose amendments to IFRS and U.S. GAAP as their discussions proceed.

The discussions will focus on:

•  FASB’s ongoing reconsideration of Proposed ASU, Accounting for Financial Instruments and Revisions to the Accounting for Derivative Instruments and Hedging Activities – Financial Instructions (Topic 825) and Derivatives and Hedging (Topic 815), and
• Comments received by the IASB in 2010 regarding amendments to IFRS 9, Financial Instruments, which included new IFRS for insurance contracts.

These discussions are part of several “key differences” which FASB and IASB need to resolve in order to converge their standards on financial instruments, according to FASB chair Leslie Seidman.

For more in the joint announcement, please see the Journal of Accountancy.

Tags: Accounting Standards

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