The Boards were working jointly on a model for the impairment of financial assets based on expected credit losses, which would replace the current incurred loss model in IAS 39. The Boards previously published their own differing proposals in November 2009 (the IASB) and in May 2010 (the FASB), and published a joint supplementary document on recognising impairment in open portfolios in January 2011.
However, at the July 2012 joint meeting the FASB expressed concern about the direction of the joint project and in December 2012 issued an exposure draft of its own impairment model, the current expected credit loss model. Meanwhile, the IASB has continued to develop separately its three-bucket impairment model, and issued a new exposure draft in March 2013.