IASB updates response to G-20 recommendations, FASB moving forward on financial instruments proposals

BVWireIssue #84-1
September 2, 2009

Last week the International Accounting Standards Board (IASB) and the International Accounting Standards Committee (IASC) Foundation released a comprehensive overview of measures they and the Financial Accounting Standards Board (FASB) have undertaken to respond to the recent G-20 summit (April) in London. Entitled, “Strengthening Transparency and Accountability,” the six-page table summarizes proposals relating to financial instruments, fair value, financing receivables (including loans), and credit-loss allowances. Comment deadlines for many of these are closing in, this month and next. To view the complete summary, click here.

In the meantime, the deadline for comments to FASB's proposed standard on Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses closed last week. The board has posted 68 comments, ranging from the first letter —a register of strong support from FASB's Investors Technical Advisory Committee—to the second and third letters, from domestic banking associations, which predictably do not. More upcoming comment deadlines on FASB /IASB proposals related to financial instruments, culled from FEI Financial Reporting Blog:

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