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Amendments to FAS 107 Disclosures

Posted by lindacavanaugh on 01/30/2009 - 10:31
Back to blog homepage for: Plugged In

The FASB had proposed to amend the FAS 107 disclosures on financial instruments to include a tabular reconciliation and a pro forma income statement. Due to the outpouring of dissent from the general public, the FASB has decided to remove this FSP from their agenda. They are going to replace it with a new FSP that would require the annual financial instruments disclosures to be reported on a quarterly basis.

The new FSP would be effective for reporting periods ending after March 15, 2009.

We really dodged a bullet with this one. The previous FSP would have been a nightmare to implement for anyone with debt securities and was to be effective for the 1st quarter of 2009. This proves that the FASB does read the comment letters that are sent in and does take them into consideration. So be sure to send in those comment letters.

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Amidst a certain amount of controversy, the AICPA and the Chartered Institute of Management Accountants have launched a new designation for global management accountants, the CGMA (Chartered Global Management Accountant). The designation is available to members of both organizations.
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Gail Perry, CPA
Editor-in-Chief, AccountingWEB
editor@accountingweb.com