The International Accounting Standards Board and the Financial Accounting Standards Board are seeking input from users of financial statements about information on financial instruments that is useful to those making investment or credit decisions or advising others on investment or credit decisions.
The Boards’ definitions of the term financial instrument includes not only debt securities, equity securities, and derivatives, but also loans and accounts payable or receivable, and almost any other amount payable or receivable.
Accounting standards have moved towards requiring or permitting more financial instruments to be initially and subsequently measured at fair value in the balance sheet. Current accounting standards of both the IASB and FASB require that some financial instruments be reported at fair value. Current IASB standards give companies the option of reporting other financial instruments at fair value and the FASB recently issued an Exposure Draft of a Statement that would provide a similar option within U.S. GAAP.
This request is designed to help the Boards improve existing financial reporting by addressing the following issue – whether current standards provide the information that investors and creditors need to analyze companies that report some or all financial instruments at fair value.
Deadline for responses is 14 April 2006.
Covernote
Questionnaire
Background note
© IASB - International Accounting Standards Board
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article