Contents February 2013
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ESSENTIAL BRIEFINGS 2 IMPA IR ME N T MOD E L F OR C R E D I T L O S SE S With the convergence of IASB and FASB accounting, the FASB issued a proposed accounting standard update in December 2012, Financial Instruments-Credit Losses. This proposed standard will address the recognition of credit losses on financial instruments based on expected losses rather than on an incurred-loss impairment model.
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FINANCIAL REPORTING 4 FA SB R E L E A SE S SUMM A R Y OF D IS C L O SUR E E F F E C T I V E N E S S F ORUMS In July of 2012, the Financial Accounting Standards Board (FASB) issued an invitation to comment (ITC) on Disclosure Framework, which outlines possible approaches to improving the effectiveness of disclosures in notes to financial statements.
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TECHNICAL REPORTING 4 SE G ME N T R E P OR T I NG - OP E R AT I NG E F F EC T I V E LY The Financial Accounting Foundation (FAF) recently undertook a post-implementation review of Accounting Standards Codification Topic 280, Segment Reporting, previously known as Financial Accounting Standards Board (FASB) Statement No. 131, Disclosures about Segments of an Enterprise and Related Information.
1 | SingerLewak
February 2013