IASB Proposes Changes to Financial Instruments Accounting


The International Accounting Standards Board on Tuesday published proposals that respond to the recommendations and timetable set out by the Group of 20 leaders following summits last fall in Washington and this spring in London . On Wednesday the IASB will discuss and take questions on the exposure draft via two live Webcasts.

 

The proposals form part of the IASB’s comprehensive review of financial instrument accounting. The proposals address how financial instruments are classified and measured.  The IASB says its proposals also answer concerns raised during the financial crisis, such as eliminating the different impairment approaches for available-for-sale assets and assets measured using amortized cost. The IASB plans to finalize the classification and measurement proposals in time for non-mandatory application to 2009 year-end financial statements.

 

The current proposals deal with the first of three phases of the IASB’s comprehensive review of financial instrument accounting. The remaining phases address the impairment methodology and hedge accounting. The IASB plans to complete the replacement of IAS 39, Financial Instruments: Recognition and Measurement, during 2010, although mandatory application will not be before January 2012.

 

Wednesday’s  Webcasts will be hosted by IASB Member Warren McGregor, IASB Director of Capital Markets Gavin Francis and IASB Project Manager Martin Friedhoff. The Webcasts will be recorded and made available on the IASB Web site.

 

To register for the free Webcast, click on the links below.

 

10:00 a.m. (Eastern Time), Wednesday, July 15

Web registration - Register here

Dial in - Register here

 

9:30 a.m. (London Time), Wednesday, July 15

Web registration - Register here

Dial in – Register here

 

 

SPONSORED REPORT

Tax reform complicates year-end tax planning

Get your clients ready for tax season with these year-end tax planning strategies, which address how to make the most of recent tax law changes, such as the new deduction for qualified business income and the cap on the deductibility of state and local taxes.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.