FASB Project Update

Financial Institutions

November 01, 2015
by Brett Schwantes, CPA

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Brett Schwantes Brett Schwantes, CPA
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The Financial Accounting Standards Board (FASB) is currently working on a number of accounting standards that will have significant impact on the financial institution industry, and it looks like these projects will be completed by the first half of 2016.  The following article provides a status update and the anticipated completion date for each project.

Since 2005, FASB and the International Accounting Standards Board (IASB) have been working on standards to improve and simplify the accounting and reporting for financial instruments.  Financial instruments are specifically defined in accounting principles generally accepted in the United States (GAAP) and include assets and liabilities such as securities, loans, deposits, borrowings, and derivatives. 

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