Archives for FIRCA

FASB Financial Instruments Credit Losses; IASB Financial Instruments Expected Credit Losses

Date: March 25, 2013

IssueAccounting and Auditing

To: Financial Accounting Standards Board and International Accounting Standards Board

Filing Type: Regulatory

Description: A letter to FASB and IASB,FIRCA  requesting an extension to the FASB Financial Instruments Credit Losses comment period.

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Letter to FASB on Proposed Accounting Standards Update on Financial Instruments (5/15/2013)

Date: May 15, 2013

IssueAccounting and Auditing

To: Financial Accounting Standards Board and International Accounting Standards Board

Filing TypeRegulatory

Description:  Letter in support for the convergence projects and to express our core thinking regarding FASB Financial Instruments Credit Losses (Subtopic 825-15) and IASB ED/2013/3 Financial Instruments Expected Credit Losses (the “Proposals”). In this letter we have outlined our thoughts, concepts, and objectives that the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”) can use in developing an accounting standard to recognize credit losses.

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Letter to FASB and IASB on Financial Instruments Credit Losses (5/31/2013)

Date: May 31, 2013

IssueAccounting and Auditing

To: Financial Accounting Standards Board and International Accounting Standards Board

Filing Type: Regulatory

Description:  Letter in support for the convergence projects and to express our core thinking regarding FASB Financial Instruments Credit Losses (Subtopic 825-15) and IASB ED/2013/3 Financial Instruments Expected Credit Losses (the “Proposals”). In this letter we have outlined our thoughts, concepts, and objectives that the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”) can use in developing an accounting standard to recognize credit losses.

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FIRCA Letter to FASB and IASB regarding IASB’s Exposure Draft on Financial Instruments (3/28/2013)

Date: March 28, 2013

IssueAccounting and Auditing

To: Financial Accounting Standards Board and International Accounting Standards Board

Filing TypeRegulatory

Description: A letter to both FASB and IASB, FIRCA suggested 3 improvements to IASB’s Exposure Draft on Financial Instruments: Classification and Measurement (Limited Amendments to IFRS 9).

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FIRCA Letter to IASB on Exposure Draft on Novation of Derivatives and Continuation of Hedge Accounting (3/25/2013)

Date: March 25, 2013

IssueAccounting and Auditing

To: International Accounting Standards Board

Filing Type: Regulatory

Description:  FIRCA sent a letter to the IASB regarding the Exposure Draft on Novation of Derivatives and Continuation of Hedge Accounting, FIRCA supports the proposal, although recommends allowing the proposed amendment to apply to either required or voluntary novations as a consequence of laws and regulations.

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