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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 .

 

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100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.