Academic journal article Journal of Accountancy

Recognizing and Measuring Financial Instruments

Academic journal article Journal of Accountancy

Recognizing and Measuring Financial Instruments

Article excerpt

The International Accounting Standards Committee (IASC) issued a discussion paper on the recognition and measurement of financial instruments. Accounting for Financial Assets and Financial Liabilities provides a comprehensive analysis of the major issues associated with accounting for transfers of financial assets, debt defeasance transactions and hedge accounting.

By 1994, the IASC had issued two exposure drafts--E40 and E48, both titled Financial Instruments--and it approved International Accounting Standard (IAS) no. 32, Financial Instruments: Disclosure and Presentation, in 1995. This discussion paper is based on the comments from both IASC exposure drafts and input from members of the IASC and Canadian Institute of Chartered Accountants (CICA) advisory committees and boards of directors. "Other standard setting bodies, such as the Financial Accounting Standards Board, were committing more research to the recognition and measurement of these instruments," said Ian Hague, senior manager of the CICA. "The IASC developed this discussion paper in response to recent, fundamental changes in the variety and sophistication of financial instruments. …

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