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Heads Up: FASB Proposes Consequential Amendments Related to Its Proposed ASU on the Recognition and Measurement of Financial Ins

Volume 20, Issue 12


This Heads Up discusses the FASB’s exposure draft, Recognition and Measurement of Financial Assets and Financial Liabilities: Proposed Amendments to the FASB Accounting Standards Codification, which would (1) eliminate the existing options under U.S. GAAP to electively account for financial instruments in the form of guarantees, insurance contracts, warranties, loan commitments, and firm commitments at fair value through net income and (2) amend or supersede various ASC topics related to the classification and measurement of financial instruments. Comments on the exposure draft are due by May 15, 2013.

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