KPMG Comments on FASB Proposal About Recognition and Measurement of Financial Assets and Financial Liabilities
May 20, 2013
From the Financial Reporting Network
KPMG LLP recently commented on the proposed FASB ASU, Financial Instruments: Recognition and Measurement of Financial Assets and Financial Liabilities, which would change how entities determine the classification and measurement of financial instruments. KPMG generally supports the proposed ASU and the FASB’s objective of developing a consistent and comprehensive framework for classifying and measuring those instruments. The firm suggested that the FASB clarify the application of the underlying principles of the proposed ASU.