1. News
  2. News Digest

Financial Reporting


Related
TOPICS

  

FASB issued an invitation to comment on Reducing Complexity in Reporting Financial Instruments. FASB is seeking input from constituents on whether there is a need for it to take on a project intended to simplify and improve standards for measuring financial instruments. The document describes how current measurement requirements cause complexity, discusses ways complexity might be reduced in the intermediate term and suggests how using a single measurement attribute such as fair value could reduce complexity.

FASB is also requesting feedback on the International Accounting Standards Board Discussion Paper, Reducing Complexity in Reporting Financial Instruments , which is included in the appendix of FASB’s invitation to comment. The IASB document presents approaches to the issue that FASB also is considering.

Responses to both documents are requested by Sept. 19. The invitation to comment is available at www.fasb.org/draft/ ITC_Financial_Instruments.pdf .

FASB voted to amend the derecognition model for financial assets in Statement no. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities .

The project was added to the board’s agenda to resolve practice issues related to rollovers of beneficial interests and the permitted activities of a qualifying special purpose entity (QSPE). The board voted to remove the concept of the QSPE from Statement no. 140. As a result, the scope exemption for QSPEs will be removed from the consolidation guidance in FASB Interpretation no. 46 (revised December 2003), Consolidation of Variable Interest Entities .

The planned amendments to Statement no. 140 will be exposed for public comment. For information, visit www.fasb.org .

 

SPONSORED REPORT

2018 financial reporting survey: Challenges and trends

Learn the top reporting challenges that emerged in a survey of more than 800 finance, accounting, and compliance professionals across the world, and compare them with your organization's obstacles.

PODCAST

How the skill set for today’s CFO is changing

Scott Simmons, a search expert for large-company CFOs, gives advice for the next generation of finance leaders and more, including which universities are regularly producing future CEOs and CFOs.