IASB and FASB March 2009

The boards discussed ways they might meet their MOU commitments relating to derecognition and consolidation.

The boards noted that the FASB will issue final Statements amending Statement 140 and Interpretation 46(R) in 2009, with expected effective dates of 2010. The boards also noted that the IASB will publish in the next few days an exposure draft that would replace existing requirements on derecognition of financial instruments. The IASB has already published an exposure draft of proposed requirements for consolidation.

The boards decided that they would deliberate the issues raised by constituents in comment letters with the objective of reaching common conclusions following the close of the comment period on the IASB’s two exposure drafts. At the conclusion of those redeliberations, the IASB would issue standards for derecognition and consolidation. The FASB would publish exposure drafts for public comment on both topics.