While nerves over market turmoil involving complicated financial instruments are still raw, the International Accounting Standards Board and the Financial Accounting Standards Board are floating some preliminary ideas for how to strip complexity out of the reporting of such instruments.
IASB published a discussion paper titled “Reducing Complexity in Reporting Financial Instruments” as part of a long-term project under the joint IASB-FASB “Memorandum of Understanding” to converge accounting standards. FASB followed suit by publishing the same paper with some additional caveats for U.S. Generally Accepted Accounting Principles and asking for comment in the United States as well.
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