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.

Where to find January’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

SPONSORED REPORT

Get Clients Ready for Tax Season

This comprehensive report looks at the changes to the child tax credit, earned income tax credit, and child and dependent care credit caused by the expiration of provisions in the American Rescue Plan Act; the ability e-file more returns in the Form 1040 series; automobile mileage deductions; the alternative minimum tax; gift tax exemptions; strategies for accelerating or postponing income and deductions; and retirement and estate planning.