The Financial Accounting Resource Center™ is a comprehensive research service that provides the full text of standards, the latest news from the Accounting Policy & Practice Report ®,...
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.
To contact the reporter on this story: Steve Burkholder in Toronto, Canada, at firstname.lastname@example.org
To contact the editor responsible for this story: Steven Marcy at email@example.com
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)