FASB Proposal on Mark-to-Market and Financial Instruments

Presented by

Thomas A. Humphreys, Anna Pinedo, Thomas Rees

About this talk

Morrison & Foerster and FTI Consulting Webcast On May 26, 2010, the FASB released for comment its proposal to change the accounting requirements for financial instruments and hedging activities. The proposed rules contain a comprehensive new model that would significantly increase the use of fair value accounting for financial instruments. Market participants, especially banks and other financial institutions, have noted that the proposed rules would have significant effects on their financial statements and business practices. The proposal is open for comment until September 2010. The panel will: - Provide an overview and background information about the proposal; - Discuss the FASB/IASB joint project on financial instruments accounting and the significance of this proposal on the timeline for convergence; - Provide an overview of the proposed changes to the recognition and measurement requirements for various financial instruments; - Discuss the new impairment rules; - Comment on the impact of the proposed changes to hedge accounting aspects; - Highlight differences in the current and proposed accounting and tax treatments for certain financial instruments; and - Comment on the proposed timeline.

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