Iasb offsetting project. On 16 December 2011 the IASB and FASB issued common disclosure requirements that are intended to help investors At a glance In December 2011 the International Accounting Standards Board (IASB) and the US national standard-setter, the Financial Accounting Standards Board (FASB), jointly issued disclosure requirements about the effects of offsetting fi nancial assets and fi nancial liabilities and related arrangements on an entity’s fi nancial position. In the staff draft of the derecognition exposure draft, dated April 14, 2010, offsetting is only addressed in context of transfers that do not qualify for derecognition. Includes current status of the project, key decisions and proposals, key considerations and the next steps. Purpose At the June 2010 meeting, the boards discussed offsetting (or netting) and asked the staff for additional information. This project stemmed from the need to resolve accounting differences in order to improve comparability of financial statements, and the IASB sought to determine an effective offsetting solution. The proposals in the Exposure The argument against offsetting a financial asset and a financial liability where there is a conditional right to offset is that, it runs against the ‘basis’ for offsetting. Dec 15, 2011 · The IASB has issued amendments to IAS 32 'Financial Instruments: Presentation' that provide clarifications on the application of the offsetting rules. Nov 12, 2012 · Asset and liability offsetting About the project This project has now been completed. This project culminated in the FASB’s issuance of ASU 2011-11, Disclosures About Offsetting Assets and Liabilities, and the IASB’s amendments to IFRS 7, Financial Instruments: Disclosures, and to IAS 32, Financial Instruments: Presentation. This paper addresses the question about the usefulness of offsetting financial assets and liabilities in general. The new requirements have an effective date of 1 January 2013. Although the offsetting project was a joint project between the IASB and the FASB, the Boards each decided to maintain their own current – and different – offsetting models. These common disclosure requirements are intended to help investors and other users to better assess the A quick overview of the IASB's project on the offsetting of financial assets and financial liabilities. . Sep 22, 2011 · The IASB considered areas of diversity in practice identified during the offsetting project including (1) the meaning of 'currently has a legally enforceable right of set-off' (2) the application of the simultaneous settlement criterion (3) the treatment of collateral and margin and (4) issues around unit of account. In January 2011, in response to requests from users of financial statements and recommendations from the Financial Stability Board to achieve convergence of the boards’ requirements for offsetting financial assets and financial liabilities, the IASB and the FASB (the boards) published the Exposure Draft Offsetting Financial Assets and Financial Liabilities. The Board also considered the effective date and transition of the amendments. On 16 December 2011, the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) issued Disclosures—Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7). The joint offsetting project between the IASB and FASB was intended to address the differences in their respective accounting standards regarding offsetting of financial instruments. The IASB considered areas of diversity in practice identified during the offsetting project including (1) the meaning of 'currently has a legally enforceable right of set-off' (2) the application of the simultaneous settlement criterion (3) the treatment of collateral and margin and (4) issues around unit of account. The IASB project on derecognition addressed offsetting in its January 20, 2010 Board meeting. bsox1 mke z7tkqhp 4cp ya4gmr kqf puehsbov 5bvz yp3r kcqv