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Developments from the FASB: Disclosures and Impairment Guidance (1.29.09)
Impairment issues are a key matter for this financial reporting season and have been on the minds of many, including the accounting standard-setters. During November and December 2008, the Financial Accounting Standards Board (FASB) gathered input from constituents about accounting for financial instruments in the context of the global financial crisis. As a result, the FASB, in conjunction with the International Accounting Standards Board (IASB), added a comprehensive project to address the complexity in existing standards of accounting and reporting for financial instruments. In the interim, the FASB added four short-term projects to its agenda. Two of these projects are particularly relevant to financial institutions. Download PDF
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