ASC 825- 10 Financial Instruments Overall permits the option (but not requirement) to report most financial
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ASC 825- 10 Financial Instruments – Overall permits the option (but not requirement) to report most financial assets at fair value. Read paragraphs A12 – A19 of the Basis for Conclusions in Statement of Financial Accounting Standards No. 159.
1. When must entities make the fair value option election? Why did the board decide that?
2. ASC 825- 10 allows the election of the fair value option on an instrument- by- instrument basis. What were the main concerns expressed by the respondents to the Exposure Draft to this approach? Why did the FASB decide to allow the instrument- by- instrument approach?
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Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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