FASB, IASB Seek Feedback on Converged Solution to Impairment

 The Financial Accounting Standards Board and International Accounting Standards Board recently issued a joint supplementary document requesting feedback about the timing of credit-loss recognition on open portfolios of financial assets.

Comments received will assist the boards in their continuing deliberations of their proposed financial instruments impairment models. Final standards are expected to be issued later this year.

The comment period ends April 1, 2011.

Read more details in this issue of Defining Issues, published by KPMG.