IASB Asks Constituents to Comment on FASB Proposal


The International Accounting Standards Board (IASB) on Thursday asked its constituents to comment on the financial instruments accounting proposals FASB released Wednesday. 

 

The IASB said that because FASB’s proposal is part of the global convergence project, it is important for FASB to receive feedback on the proposed model from the international community. Under FASB’s proposals, many financial assets and financial liabilities would be measured at fair value in the primary financial statements (see FASB Proposes Comprehensive Changes to Financial Instruments Accounting). This is different from the mixed measurement model that is used in IFRS 9, Financial Instruments, for financial assets (see IASB Chairman Outlines Approach for Reconciling Financial Instrument Standards). Click here to access the FASB exposure draft. Comment letters should be submitted directly to FASB by Sept. 30.

 

The IASB’s alternative proposals are also open for comment. Amortised Cost and Impairment is open for comment until June 30 and Fair Value Option for Financial Liabilities is open for comment until July 16.

 

Separately on Thursday, the IASB also published the exposure draft Presentation of items of Other Comprehensive Income (Proposed amendments to IAS 1) that is equivalent to FASB’s proposed ASU, Comprehensive Income (Topic 220): Statement of Comprehensive Income, that would require total comprehensive income and its components in two parts—net income and other comprehensive income—be displayed in a continuous statement of financial performance. The IASB ED is open for comment until Sept. 30 and can be accessed via the “Comment on a proposal” section at iasb.org.

 

An IASB summary and frequently asked questions document detailing the proposals are available here.

 

More from the JofA:

 

 Find us on Facebook      Follow us on Twitter

 

SPONSORED REPORT

Get your clients ready for tax season

Upon its enactment in March, the American Rescue Plan Act (ARPA) introduced many new tax changes, some of which retroactively affected 2020 returns. Making the right moves now can help you mitigate any surprises heading into 2022.

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.