FASB Chief Expects Revised Proposal on Financial Instruments

FASB will probably formally issue a revised proposal on how banks and other companies should classify and measure loans and other financial instruments, the FASB chairman suggests. “We think it is likely that we will have to re-expose” for public comment the proposal on instruments that was originally issued in May 2010, FASB Chairman Leslie Seidman tells Bloomberg BNA after a quarterly meeting of the trustees of the FAF.