IASB & FASB to Hold Financial Asset and Financial Liability Round-table Meeting
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are going to hold a financial asset and financial liability round-table meeting in the Suntec Singapore International Convention & Exhibition Center, Singapore on May 6, 2011.
The purpose of the meeting is to listen to the views of, and obtain information from, interested parties about proposed requirements.
The boards plan to seek participants that represent a wide variety of constituents (including users, preparers, auditors and others) to ensure that they are going to receive broad input.
The following topics are expected to be discussed: offsetting criteria, unconditional and legally enforceable right of set-off, intention to settle net or simultaneously, collateral, unit of account, disclosures and transition requirements and effective date.
Participants will be given opportunities to raise any additional issues they would like to discuss at the end of each session.
The meeting is part of IASB and FASB’s Financial Asset and Financial Liability Offsetting Project, which is only one of three meetings conducted for the same purpose.
The two other meetings is in London on May 3, 2011 and in Norwalk on May 9, 2011.
A live webcast is available for each meeting except for Singapore, of which an audio recording will be available and posted instead on the IASB and FASB websites shortly after the meeting.
The IASB is the independent standard-setting body of the IFRS Foundation.
The FASB, on the other hand, is a private, not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States in the public’s interest.