Impairment of financial instruments on FASB meeting agenda

BY KEN TYSIAC

FASB will continue its discussion of impairment of financial instruments during its board meeting on Aug. 22.

A decision by FASB last month to address a number of topics and constituent concerns in the joint project with the International Accounting Standards Board (IASB) was met with frustration by IASB Chairman Hans Hoogervorst, who is eager to move forward with the project.

The IASB does not meet this month, and FASB Chairman Leslie Seidman has said FASB’s staff will work expeditiously on the project.

FASB’s meeting, as well as educational sessions on accounting for instruments—classification and measurement; insurance; consolidation policy and procedure; and investment companies will be available by webcast on the board’s site.

Ken Tysiac ( ktysiac@aicpa.org ) is a JofA senior editor.

SPONSORED REPORT

Click-through nexus: Pushing the boundaries of sales tax compliance

Sales and use tax compliance has been complicated by nexus expansion. In this report, we provide an overview of this issue and include a handy state-by-state summary of click-through nexus or notification requirements.

QUIZ

News quiz: Making allowances for the kids and the economy

Recent news gives CPAs insight into Americans’ attitudes about children and money and gauges outlook on the economy. See how much you know about recent news and reports with this quiz.

CHECKLIST

Auditing risks in culture

Cultural flaws can seriously damage an organization. Here’s how internal auditors can reduce risks by embedding culture audits into existing audit programs.