• 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 Accounting Standards Board (ASB) has today issued a Financial Reporting Exposure Draft (FRED) on Embedded Derivatives proposing amendments to UITF Abstract 42 (IFRIC 9) “Reassessment of Embedded Derivatives” and FRS 26 (IAS 39) “Financial Instruments: Recognition and Measurement”. The proposed amendments clarify the treatment of embedded derivatives when an entity reclassifies a financial asset out of the fair value through profit or loss category.

The proposed amendments are a consequence of the International Accounting Standards Board (IASB) issuing “Embedded Derivatives – Amendments to IFRIC 9 and IAS 39” on 12 March 2009. The amendments to IFRIC 9 and IAS 39 require an entity to assess whether an embedded derivative is required to be separated from a host contract when an entity reclassifies a hybrid (combined) financial asset out of the fair value through profit or loss category. The assessment is made on the basis of the circumstances that existed on the later date of (i) when the entity first became a party to the contract; and (ii) a change in the terms of the contract that significantly modified the cash flows that otherwise would have been required under the contract. If the fair value of the embedded derivative that is to be separated cannot be reliably measured then the entire financial instrument must remain in the fair value through profit or loss category.

The FRED proposes parallel amendments to UITF Abstract 42 (IFRIC 9) and FRS 26 (IAS 39) with the objective of ensuring that UK GAAP remains fully converged with IFRS in this area.

The comment period for the FRED closes on 31 July 2009.