Big news from the Financial Accounting Standards Board, which has issued an accounting standards update that’s meant to improve the recognition and measurement of financial instruments.
The update is more than a decade in the making and impacts public and private companies, not-for-profit organizations, and employee benefit plans that hold financial assets or owe financial liabilities — just about everyone, in other words.
Accounting Today has a terrific summary of the update, which will improve on existing GAAP by doing the following:
Here are a few more summaries of the FASB’s update:
Want to learn more?The MACPA will be examining the FASB’s accounting standards update during a pair of upcoming seminars: