FASB TO ISSUE FINAL STANDARD ON FINANCIAL INSTRUMENTS—RECOGNITION AND MEASUREMENT IN EARLY JANUARY 2016
Norwalk, CT, December 21, 2015—The Financial Accounting Standards Board (FASB) today announced that it plans to issue its final standard on the recognition and measurement of financial instruments during the first week of January 2016.
The final Accounting Standards Update (ASU) will take effect for public
companies for fiscal years beginning after December 15, 2017, including
interim periods within those fiscal years. For private companies, the
standard becomes effective for fiscal years beginning after December 15,
2018, and for interim periods within fiscal years beginning after
December 15, 2019.
Companies will be allowed to adopt the guidance on presentation of
liability’s credit risk upon issuance of the ASU in financial statements
of annual or interim reporting periods that have not yet been issued
or, for private companies, have not yet been made available for
More information about the FASB’s financial instruments projects and upcoming standards is available at www.fasb.org.
About the Financial Accounting Standards Board
Established in 1973, the FASB is the independent, private-sector,
not-for-profit organization based in Norwalk, Connecticut, that
establishes financial accounting and reporting standards for public and
private companies and not-for-profit organizations that follow Generally
Accepted Accounting Principles (GAAP). The FASB is recognized by the
Securities and Exchange Commission as the designated accounting standard
setter for public companies. FASB standards are recognized as
authoritative by many other organizations, including state Boards of
Accountancy and the American Institute of CPAs (AICPA). The FASB
develops and issues financial accounting standards through a transparent
and inclusive process intended to promote financial reporting that
provides useful information to investors and others who use financial
reports. The Financial Accounting Foundation (FAF) supports and oversees
the FASB. For more information, visit www.fasb.org.