United States

Defining Issues: IFRS Convergence Not Probable on Impairment and Classification and Measurement of Financial Instruments

Dec 20, 2013
From the Financial Reporting View and the IFRS Institute

This edition of Defining Issues reports that, at its December 2013 meeting, the FASB reached a tentative decision to continue to pursue the lifetime expected credit loss model for the proposed Accounting Standards Update (ASU) on impairment. For the proposed ASU on classification and measurement, the FASB decided to no longer pursue the solely principal and interest model for assessing the contractual cash flow characteristics of financial assets and decided to retain the bifurcation requirements for hybrid financial assets in current U.S. GAAP.

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