Education Session: FASB Exposure Draft on Accounting for Financial Instruments

Date recorded:

The FASB staff presented a brief overview of the FASB's exposure draft, Accounting for Financial Instruments, highlighting some of the key areas of the exposure draft.

The IASB members were interested to know how the outcome from applying these requirements would differ from the outcome in accordance with IFRS 9.

Where possible, the FASB staff explained how the requirements would apply to practical situations, but also admitted that some areas still need to be developed further. In particular, the IASB was surprised (if not concerned) about the additional criteria to qualify for equity accounting for investments in associates, proposed by the FASB.

The session was informative and no decisions were made.

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