FASB, IASB Seek Comment On: Reducing Complexity In Reporting Financial Instruments

March 28, 2008
FEI Summary

On March 28, 2008 the Financial Accounting Standards Board (FASB) issued an Invitation to Comment (ITC) on Reducing Complexity in Reporting Financial Instruments, including the International Financial Accounting Standards Board’s (IASB) recently-issued Discussion Paper on the same topic.

The ITC seeks input from constituents on whether there is a need for FASB to add a project intended to simplify and improve standards for measurement of financial instruments and, if so, what kind of projects or approaches should be considered. It also requests feedback on the IASB Discussion Paper, which seeks similar information on improving measurement of financial instruments that may also be useful to FASB.

Additional information on this joint FASB-IASB project can be found in this FASB press release, and a summary of the IASB’s Discussion Paper is posted here.

Prepared March 28, 2008 by Christine DiFabio, Vice President, Technical Activities, Financial Executives International (FEI). This summary does not include FEI opinion unless specifically noted above.