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

Post-busy season checklist

Now that tax season is over, pause for some introspection to guarantee that next year’s busy season is even better. Bonus: “Dirty dozen” scams list to share with your clients. Sponsored by Thomson Reuters, Bloomberg BNA, Bloomberg BNA // Software and Wolters Kluwer.

QUIZ

News quiz: Risks are top of mind in finance

Americans are worried about risks to their financial security. Accountants also see risks to their organizations and their careers. 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.