Request for comment: FASB Financial Instruments Exposure Draft
27 May 2010
On 26 May 2010 the FASB released a proposed Accounting Standards Update (ASU) that contains proposals for a new comprehensive standard on financial instruments.
The IASB is asking their constituents to submit comment letters on the FASB proposal. Feedback will be helpful to the FASB when it re-deliberates its proposals and finalises any requirements. The IASB will use that feedback when it considers how to reconcile any differences between IFRS requirements and US GAAP. Because this project is part of the global convergence project, it is important for the FASB to receive feedback on the proposed model from the international community.
Under the FASB’s proposals, many financial assets and financial liabilities would be measured at fair value in the primary financial statements. This is different from the mixed measurement model that is used in IFRS 9 Financial Instruments for financial assets. The appendix to the FASB exposure draft contains a high level comparison of the boards’ respective approaches.
Click here for:
- access to the FASB’s project page; and
- an IASB document providing background for IFRS constituents.
Click here to access the FASB exposure draft. Comment letters should be submitted directly to the FASB by 30 September 2010. Interested parties should submit their comments by email to director@fasb.org, File Reference No. 1810-100. Those without email should send their comments to 'Technical Director, File Reference No. 1810-100, FASB, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-5116.' Do not send responses by fax.
The IASB exposure draft Amortised Cost and Impairment is open for comment until 30 June 2010. The IASB exposure draft Fair Value Option for Financial Liabilities is open for comment until 16 July 2010. The IASB requests that all interested parties also provide feedback on these two proposals.