Project news history
This project will be discussed by the boards at their September 2010 meeting. For more information and observer notes as they become available, please click here
8 September 2010
The boards have recently revised their strategy and work plan for projects included in the MoU. The IASB plans to finalise improved disclosure requirements for derecognition in Q3 2010.
24 June 2010
The IASB staff held an educational session for the FASB to discuss the new derecognition approaches for financial assets and liabilities. The boards then discussed the proposed model in a subsequent meeting. No decisions were made. The boards will continue deliberating the derecognition model at future meetings.
The Board tentatively decided that the next due process document would incorporate the derecognition disclosures, and related objectives, proposed in the ED, with the clarification that for assets that are derecognised and in which the entity has more than one type of continuing involvement, the disclosures should be aggregated.
The Board tentatively decided to make an exception to the derecognition approach for financial assets to require that a sale of a financial asset that is accompanied by an agreement that entitles and obligates the seller to repurchase the same, or substantially the same, asset before maturity of the asset should be accounted for as a secured borrowing.
The Board tentatively decided to adopt a new approach to account for modifications of the terms of contracts associated with financial liabilities.
The Board tentatively decided to pursue the derecognition approach for financial assets that was described as the alternative approach in the ED.
The IASB discussed the feedback received from respondents on the ED as well as from the outreach programme undertaken by the staff.