“The new standard is intended to provide users of financial statements with more useful information on the recognition, measurement, presentation, and disclosure of financial instruments. It improves the accounting model to better meet the requirements of today’s complex economic environment.”
FASB Chairman Russell G. Golden / January 5, 2016
On January 5, the Financial Accounting Standards Board (FASB) issued a new Accounting Standards Update (ASU) – the Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. According to FASB, the update is intended to improve the reporting model for financial instruments, giving users of the financial statements with more practical information. The ASU mandates a number of items that affect banks, with implementation set for 2017 for public companies and 2018 comprehensively.
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