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FASB proposed ASU on classifying and measuring financial instruments

  • FASB (US Financial Accounting Standards Board) Image

Feb 18, 2013

On February 14, 2013, the FASB issued proposed Accounting Standards Update (ASU) "Recognition and Measurement of Financial Assets and Financial Liabilities." The proposed ASU is equivalent to the IASB’s exposure draft issued November 2012 on proposed limited changes to IFRS 9 (2010).

In January 2012, the FASB began redeliberations with the IASB to converge key aspects of their respective approaches to classifying and measuring financial instruments. Although important differences between U.S. GAAP and IFRSs remain, the proposed ASU would result in greater convergence between the two models for classifying and measuring financial instruments. More details on the proposed ASU as well as an outline of key similarities and differences between the proposed ASU and IFRS 9 (2010) (as it would be amended by IASB Exposure Draft ED/2012/4) are available in Deloitte's Heads Up publication.

Comments on the proposed ASU are due by May 15, 2013.

A press release and the proposed ASU are available on the FASB's Web site.

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