As reported in last month’s Accounting & Auditing Alert, the FASB has issued for public comment a revised draft standard to improve and converge the financial reporting requirements of IFRS and U.S. GAAP for financial instruments.
Subsequent to the issuance of that exposure draft, the FASB issued a companion document reflecting changes to the ASC that would result from the proposed ASU on financial instruments.
The companion document contains revisions to the ASC that would result from the proposed ASU. The proposed amendments also reflect the FASB’s decision to eliminate the fair value options in ASC 825-10-15-4 for financial instruments not within the scope of the proposed ASU on financial instruments that currently exist in GAAP related to guarantees, contingencies, rights and obligations of insurance contracts and warranties, written loan commitments and firm commitments.
Comments in response to this exposure draft are due May 15, 2013. The full text of the exposure draft is available by clicking here.
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