For over 50 years, Bloomberg BNA’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...
By Steve Burkholder
Dec. 21 — New U.S. accounting rules on classifying and measuring financial instruments will be issued during the first week of January, the Financial Accounting Standards Board said.
The classification and measurement rules are to be effective for public companies in January 2018, the same time that 2014 rules on revenue reporting will be applied by companies for the first time, the board said Dec. 21.
The new classification and measurement rules, which present little change to existing generally accepted accounting principles, are expected to be followed in FASB's publication schedule by a mid- to late-February release of a far-reaching leasing standard, according to the board's plans.
The set of rules on leases will prescribe major changes to the balance sheets of many companies, including airlines and other transportation companies that lease large equipment for use in daily operations.
After the leases standard, FASB hopes to issue an important new standard on impairment of financial assets. That rule would include guidance on accounting for expected loan losses and reserves against them, a key issue for banks.
The U.S. accounting board hopes the new rules on impairment of financial instruments will be rolled out by the end of the first quarter of 2016, but the release might not actually take place until early in the second quarter.
To contact the reporter on this story: Steve Burkholder in Norwalk, Conn., at firstname.lastname@example.org
To contact the editor responsible for this story: Ali Sartipzadeh 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)