Ready, set,change Upcoming transformations
The report discusses upcoming changes to financial instrument accounting standards by FASB and IASB.
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| Quick Facts | |
|---|---|
| Report location: | source |
| Language: | English |
| Publisher: | |
| Authors: | Bryan Ignozzi, Daniel Goerlich, James Zito, Julie Malouf, Manoj Kashyap, Wade Hampe, Michael Stork |
| Time horizon: | 2013 |
| Geographic focus: | Global, United States |
Methods
The research method involves analyzing the proposed accounting standards by FASB and IASB, assessing their impact on financial reporting, and providing recommendations for companies to prepare for these changes.
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Key Insights
The report by PricewaterhouseCoopers analyzes proposed changes to financial instrument accounting by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). These changes, driven by the global financial crisis, aim to provide more accurate financial statements by increasing fair value reporting and altering impairment and interest income recognition. The FASB's model, which is open for comments, would require significant adjustments to accounting processes and systems, particularly for automotive finance companies. The IASB has published IAS 9, which, while similar, has notable differences from the FASB's proposal. Both models would substantially alter the financial reporting landscape, necessitating early preparation by companies to adapt their reporting infrastructures.
(Generated with the help of GPT-4)
Additional Viewpoints
Categories: 2010s time horizon | 2013 time horizon | English publication language | Global geographic scope | United States geographic scope | accounting standards | business performance | fair value | finance | financial instruments | hedge accounting | impairment | interest income | operational challenges | regulatory impact | system changes