At the June 18 2013 meeting the IASB and the FASB continued discussing feedback received on their respective proposals on the classification and measurement of financial instruments. No tentative decisions were made at this meeting.
Agenda Paper 6A
The IASB staff presented to the IASB and the FASB a summary of the feedback received from users of financial statements on the IASB’s Exposure Draft. The sources of this feedback were:
- an online survey for users of financial statements;
- outreach meetings with users of financial statements, including joint outreach with the FASB; and
- joint outreach with the FASB on their proposed Accounting Standards Update (ASU) Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.
The IASB’s online survey for users of financial statements closed on 31 May 2013, and the planned outreach meetings had been substantially completed at the time of the meeting. Overall the IASB had received feedback on its Exposure Draft from over 60 individual users and user groups covering different regions and industries.
Agenda Paper 6B
The FASB and the IASB also discussed the comment letter and outreach summary of the FASB’s February 2013 Exposure Draft Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities and April 2013 Exposure Draft Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities—Proposed Amendments to the FASB Accounting Standards Codification®.
The comment period for the FASB’s proposed ASU ended on 15 May 2013.
At future joint meetings, the staff will present a more detailed analysis of specific issues, starting with the contractual cash flow characteristics assessment for classifying financial assets. The IASB and the FASB will begin joint redeliberations on the project starting in July 2013.