FASB and IASB Holding Hands and Frolicking in the Fair Value
My, David Tweedie, what large exposure drafts you have...
I find it funny, as an angry American with a FASB bone to pick, that our own FASB and the IASB have taken so well to playing nice these days what with that whole "We don't want your US GAAP" thing and the whole global financial crisis that was - pretty much - our fault.
WebCPA's Debits and Credits:
The Financial Accounting Standards Board and the International Accounting Standards Board have been hashing out various issues surrounding fair value measurement, leases and other topics at a joint meeting this week.
For example, they have arrived at a definition of “class” in disclosures about fair value measurement. According to a summary of the board decisions published online, this entails defining “class” on the basis of the following principles: “An entity should determine the appropriate classes of assets and liabilities based on the nature, characteristics and risks of the assets and liabilities, and their classification in the fair value hierarchy. A class of assets and liabilities will often require greater disaggregation than the entity's line items in the statement of financial position. Judgment is needed to determine the appropriate classes of assets and liabilities.”
Lots of other stuff is up was up for grabs at this FASB/IASB pow-wow, mostly stuff on what to report and what to blow off and every CPA exam candidates favorite: leases. Yawn. Wake me when the financial world is imploding again.
If you really don't have anything to do, you have until July 15 to comment on IASB and FASB's joint project Conceptual Framework for Financial Reporting: The Reporting Entity.
I'll save you the comment: neither of these organizations is independent enough at this point to create or oversee anything of value to financial statement users. See what happens when you let politics get in the way?
FASB used to be but we all know what happened with mark to market and the IASB? Bwhahahaha, don't get me started.