FASB Votes to Issue Final FSP on Impairment - A 'Modest Clarification' - Not 'Ammesty'
At its board meeting earlier today, FASB voted 3-2 to finalize guidance on impairment of investments in debt securities, including certain changes (discussed below) based on comments received on Proposed FASB Staff Position (FSP) No. EITF 99-20-a, Amendments to the Impairment and Interest Income Measurement Guidance of EITF Issue No. 99-20. Some new language will be added to the FSP as well, reminding people of existing requirements for impairment. Board member Leslie Seidman said the FSP should serve as a 'modest clarification' - but that it was not 'amnesty.' Read more here.