MEDIA ADVISORY 09/03/10
FINANCIAL ACCOUNTING STANDARDS BOARD
AMENDMENTS TO THE FASB ACCOUNTING STANDARDS CODIFICATIONTM
The proposed Accounting Standards Updates for Memorandum of Understanding (MoU) projects include a proposed guidance section that describes the requirements expected to replace relevant areas of the FASB Accounting Standards CodificationTM. Therefore, the Board decided that proposed Accounting Standards Updates for these projects will not include detailed Amendments to the Accounting Standards Codification because they are not necessary for an understanding of the proposals. The proposed Updates issued for MoU projects will include a table indicating the effect of the proposed guidance on relevant areas of the Accounting Standards Codification. For other projects that propose more narrow or targeting changes to U.S. GAAP, Amendments to the Accounting Standards Codification would continue to be included in proposed Updates.
As a result, the Board will not be issuing separate Amendments to the Accounting Standards Codification for proposed Updates recently issued for MoU projects (for example, accounting for financial instruments and revenue recognition).
Specifically relating to the Accounting for Financial Instruments project, the Board and staff continue to inform constituents about the proposal through participation in various webcasts and conferences, and by holding numerous calls with investors, preparers, auditors, and regulators. Through these efforts, the Board and staff have received questions about many aspects of the proposal and its effect on current U.S. GAAP. The staff posted a frequently asked questions document on the accounting for financial instruments project page of the FASB website which answers common questions received about the proposed guidance.