Beyond the GAAP no.38 (English) - October 2010

In October, the IASB continued its work, often conjointly with the FASB, on a wide range of subjects, giving pride of place to the revision of IAS 39 and issuing additions to IFRS 9 for financial liability accounting.

Each new step in this process appears to widen the gap with US GAAP: whereas IFRS 9 does not challenge the IAS 39 model for measuring financial liabilities (by default, at amortised cost), the FASB is leaning at present towards an extension of financial liabilities measured at fair value. This particular project raises the real possibility that world-wide accounting convergence fail to materialise, unless the FASB decides to backpedal...


  • New chairman at the IASB from June 2011
  • The IASB updates its work plan
  • Defined benefit plans: the IASB confirms the main proposals of the exposure draft
  • Debt/equity distinction: the IASB decides to defer the project
  • A new delay for the project on Financial Statement Presentation
  • Presentation of OCI in a single statement: are IASB and FASB having second thoughts
  • Consultation on the effective dates of new standards
  • IFRS 9 supplemented with provisions on financial liabilities
  • Disclosures for transfers of financial assets
  • Hedge accounting: imminent publication of an exposure draft
  • CESR: 9th extract from the database of enforcement

A closer look

  • Exposure draft on leases: part two
  • FASB proposals on financial instruments: reactions and impact on convergence


Beyond the GAAP n°38 - October 2010
Beyond the GAAP n°38 - October 2010