FASB Proposed ASU on Classifying and Measuring Financial Instruments

  • FASB (old) Image

18 Feb 2013

On 14 February 2013 the FASB issued proposed Accounting Standards Update (ASU) ‘Recognition and Measurement of Financial Assets and Financial Liabilities.’ The proposed ASU is the 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 FASB’s proposed ASU and IFRS 9 (2010) as it would be amended by IASB Exposure Draft ED/2012/4 are available in the recent Deloitte (United States) Heads Up publication.

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

A press release and the proposed ASU are available on the FASB website.

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.