April 7 — The second half of 2016 promises to be busy for the Financial Accounting Standards Board and its international counterpart as they conclude major, once-a-decade rulemaking projects that promise big impacts on the financial statements of certain business sectors.
At the top of FASB's list is a new set of rules on loan losses and other credit impairments, a topic of paramount importance for banks and credit unions.
The U.S. board plans a mid-year release of the new standard on impairment, which carries prospects of recognizing expected losses and the possibility of banks establishing bigger reserves and establishing them sooner than under current rules. The “mid-year” time peg probably means a July issuance date, according to signals transmitted by FASB on the rules, which will take effect in 2019.
FASB also plans a mid-year release of new rules on not-for-profit enterprises, capping the easier, first phase of a difficult project, as detailed April 5 at the biannual International Forum of Accounting Standard-Setters ). An effective date hasn't been set.
FASB also plans this summer to propose changes to rules on hedging activities—which typically involve derivatives—to streamline them.
At the international forum in Toronto, the vice-chairman of the International Accounting Standards Board and an IASB senior staff accountant laid out that board's timetable for issuance of standards, both final and draft.
Highlights of the work plan described by Vice-Chairman Ian Mackintosh and Michelle Sansom at the two-day global forum in Toronto include:
Over the two-day meeting in Toronto of the group of national and regional standard-setters, 31 delegations—plus contingents from IASB, the International Public Sector Accounting Standards Board and the European Financial Reporting Advisory Group, or EFRAG—discussed:
The next global forum of accounting rule makers is to be held in London in the fall.
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