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MANAMA: More than 60 senior finance professionals from 30 leading Bahraini companies attended an accounting seminar at the Gulf Hotel yesterday on a new accounting standard designed to simplify the classification and measurement requirements for financial instruments
In contrast to the IASB's threephase approach to replacing International Accounting Standard (IAS) 39, "Financial Instruments
: Recognition and Measurement," the FASB is taking a "one-shot" approach to revising Accounting Standards Codification (ASC) Topics 825, Financial Instruments
, and 815, Derivatives and Hedging.
Proposals on the classification and measurement of financial instruments
were published in July, with a final standard expected shortly, while proposals on hedge accounting continue to be developed.
Statement 157 makes good sense for valuing financial instruments
, but it is bad for the valuation of non-financial assets and liabilities, such as intangibles and hard assets.
FASB issued Staff Position (FSP) FAS 123(R)-1, Classification and Measurement of Freestanding Financial Instruments
Originally Issued in Exchange for Employee Services under FASB Statement No.
New methods and financial instruments
allow banking organizations to improve their risk-management practices by selecting target levels of risk exposures and shedding or limiting unwanted positions.
In this mixed-attribute model, IAS 39 allows similar financial instruments
to be accounted for differently, depending on management's designation or its stated or intended use of the instruments," said Tweedie in his speech.
150, Accounting for Certain Financial Instruments
with Characteristics of both Liabilities and Equity.
The Financial Accounting Standards Board recently took another step toward imposing fair value accounting on most financial instruments
After all, the hot new talent tends to gravitate to the hot new financial instruments
or area--and that's where the next crisis is likely to occur.
In the past decade, because of the dynamic state of financial markets brought on by such things as deregulation, increased competition, inflation, internationalization and changes in the financial services industry, there has been an explosion in the number and variety of financial instruments
offered in the marketplace.