• FASB suspends income tax project 
  opinions: 1    последнее :
  I would like to pose a question being that my major is in accounting. I sit rying to figure out the question is that FASB and the IFRS going to merge or go to one or the other and how can I prepare for this change as far as school is concern. Do I h Kenneth Bledsoe
• Fair value standard will be released next month: Tweedie 
  opinions: 1    последнее :
  IFRS foundation and IASB should try to find a solution on new Fair value standard. They should not accept any interference from the AICPA / FASB / US-SEC to dilute the standard. US has made a case that last US-Financial meltdown was to a large ex Al Khan, CA
• Global anti-bonus campaign 
  opinions: 1    последнее :
  First, Executive Compensation and re-election of Directors must be totally re-examined afresh to come up with legislation to control corporate greed and accounting sheningans by corporations. Second, a cap on tax deductibility of executive compensa Al Khan
• A new Web site is providing sample questions for the CPA Exam for free 
  opinions: 2    последнее :
  2 Mohit. Not too much, but still better than nothing: http://www.gaap-ifrs.com/special/tests/ifrs.asp Alexander Kurnikov

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The International Accounting Standards Board (IASB) today published a Request for Information on the feasibility of an expected loss model for the impairment of financial assets. Impairment is one of the issues that the IASB is addressing in the second phase of its comprehensive review of IAS 39 “Financial Instruments: Recognition and Measurement”.

The Request published today seeks input on the practical issues that would arise, if an expected loss model was required. The input will assist the IASB in developing formal proposals that it plans to publish in an exposure draft in October 2009.

The current model in IAS 39 requires an entity to account for credit losses in financial assets only if an event (or a combination of events) has occurred that has a negative effect on future cash flows and that effect can be reliably estimated (this is known as the incurred loss model). A feature of that model is that an entity is not permitted to consider the effects of future expected losses. The financial crisis has highlighted this as an area of concern. Responding to the request of the G20 leaders and others the IASB is reviewing that approach and examining the expected loss model as an alternative.

The expected loss model requires an entity to make an ongoing assessment of expected credit losses, which may require earlier recognition of credit losses. This would better reflect the way that financial assets are priced and the way some companies manage their business.

The IASB welcomes responses to its Request for Information by 1 September 2009.