New Heads Up on FASB's financial instruments project

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05 Nov 2010

Deloitte (United States) has released a Heads Up discussing the feedback received by the FASB on its proposed Accounting Standards Update (ASU), Accounting for Financial Instruments and Revisions to the Accounting for Derivative Instruments and Hedging Activities.

The proposed ASU includes a comprehensive new model of accounting for financial assets and financial liabilities that addresses (1) recognition and measurement, (2) impairment, and (3) hedge accounting.

Although the FASB's proposed ASU is part of a joint project with the IASB, many respondents have expressed concern about the lack of convergence between the proposed ASU and the IASB's approach to the accounting for financial instruments.

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