This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Journal entry — FASB and IASB publish proposals on accounting for impairment of financial assets

Published on: Jan 31, 2011

Today, the FASB and IASB issued, for public comment, a supplemental document seeking input from constituents on proposals related to the accounting for impairment of financial assets. Comments on the supplemental document are due by April 1, 2011.

The document supplements each board’s previously issued exposure drafts and is intended to provide the boards with direction on recognizing expected credit losses, particularly those arising from financial assets managed in open portfolios. Among other things, the supplemental document indicates that (1) the issuance of the document is only one important step in the development of a comprehensive credit impairment model and (2) other credit impairment issues have yet to be resolved. Further, while the supplemental document’s comment period is open, both boards and respective staffs will be conducting joint outreach sessions to further understand the operational issues associated with the recognition alternatives.

Watch for an upcoming Deloitte Heads Up newsletter on the supplemental document.

Accounting Journal Entries Image

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.