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  • Service: Audit, IFRS
  • Date: 9/27/2013

Going forward – Progress made in financial instruments projects 

The September meetings proved productive for the IASB’s and FASB’s financial instruments projects, as the Boards reached a number of decisions on classification and measurement and the impairment of financial assets.

The IASB made progress in refining the contractual cash flows assessment for financial assets, although some differences of view with the FASB emerged. The Boards reached tentative decisions on the meanings of ‘principal’ and ’interest’, contingent features, and prepayment and extension features.


The IASB also moved forward with clarifications to its proposed impairment model, reaching tentative decisions on assessing increases in credit risk and the definition of ‘default’. It then agreed to look at future possibilities for convergence with the FASB.

IFRS Newsletter: Financial Instruments - issue 15, September 2013

Feature image
This IFRS Newsletter looks at the IASB's September discussions on the classification and measurement and impairment of financial instruments.

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