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Financial instruments – Asset and liability offsetting

Date recorded:

The staff told the Board that based on the decisions made during the July 2011 joint Board meeting regarding converged offsetting disclosures.

The staff asked the Board for decisions on effective date and transition requirements noting the FASB would also be discussing these issues at one of their future meetings. The staff recommended the Board require retrospective application of the disclosure requirements with an effective date of annual and interim reporting periods beginning on or after 1 January 2013.

The Board only had seven members present for this session so did not take an official vote, but all members in attendance expressed general support for the staff recommendations.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.