The IASB set out a detailed six-month timetable for publishing a proposal to replace IAS 39 and announced the results on the Staff Positions on fair value measurement and impairment.
The IASB set out a detailed six-month timetable for publishing a proposal to replace IAS 39 and announced the results on the Staff Positions on fair value measurement and impairment.
Fair value measurement:
The guidance on fair value measurement issued by the FASB is consistent with existing guidance on IFRSs, contained in the IASB’s Expert Advisory Panel report, Measuring and disclosing the fair value of financial instruments in markets that are no longer active. Therefore, a level playing field exists in this area. To ensure ongoing consistency in the application of IFRSs and US GAAP, the IASB will include relevant guidance from the FSP in the IASB’s exposure draft on fair value measurement, which will be published in May.
Impairment of financial assets:
On the important question of impairment, the IASB agreed with the widespread view amongst commentators that the IASB should improve its impairment requirements. The IASB will take up the broad issue of impairment as part of its comprehensive and urgent review of IAS 39. The IASB believes that an immediate response to the recent FSP on impairment is unnecessary. The IASB will work with the FASB as part of its comprehensive project to ensure global consistency in impairment approaches.
Press release
© IASB - International Accounting Standards Board
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