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Journal entry — FASB and IASB hold final joint roundtable on offsetting of financial assets and financial liabilities

Published on: May 10, 2011

Yesterday, in Norwalk, CT, the FASB and the IASB held the last in a series of three global roundtables to gather feedback on their joint exposure draft (ED) on offsetting of financial assets and financial liabilities.

The roundtable, which was recorded, was attended by a diverse group of constituents including representatives from the preparer community (both public and private entities), auditors, regulators, analysts, and clearing houses. The participants discussed the following topics related to the ED: (1) proposed offsetting criteria, (2) operational concerns, (3) whether collateral should be subject to the offsetting criteria, (4) disclosures, and (5) effective date and transition.

The boards will consider the feedback received from the roundtables and comment letters when they begin their redeliberations on the project.

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