The FASB and IASB were working on a joint project on financial instruments which included classification and measurement of financial instruments and impairment of financial assets. However, the boards did not converge and set down different paths. The IASB issued IFRS 9, Financial instruments in July 2014. IFRS 9 introduces a new model for classification and measurement and impairment. The FASB is still deliberating.
– An allowance approach would be used to recognize impairment losses, which would allow an entity to recognize reversals of credit losses to the extent improvements occur.
– Removal of the requirement to consider the length of time that the fair value of an available for sale debt security has been less than its amortized cost when estimating whether a credit loss exists.
– Removal of the requirement to consider recoveries or additional declines in fair value of an available for sale debt security.
PwC describes strategies and the associated accounting implications for hedging foreign currency risks.
The FASB has decided on the effective date for the proposed impairment standard for financial instruments.
The FASB has decided upon the effective dates for the Financial Instruments: Classification and Measurement standard.
US banking regulators' final rule completes a four year rulemaking process.
PwC's guide provides our insight to the accounting for derivative instruments and hedging activities under U.S. GAAP.
This quarterly publication is designed to keep directors informed about the latest accounting and financial reporting issues.
PwC Assurance Partners Ryan Leopold and Chris Wood discuss the new financial instruments standard and how it impacts the banking industry.
PwC's popular Financial statement presentation guide addresses U.S. GAAP presentation and disclosure requirements of common balance sheet and income statement accounts.
PwC discusses sweeping changes to be proposed to hedge accounting guidance (ASC 815).
SEC staff expresses views on the treatment of debt issuance costs associated with revolving debt arrangements.