BusinessCompany NewsFASB backs down over bond accounting

FASB backs down over bond accounting

Financial institutions in America have won a victory that will take the edge off the detrimental effect of rising interest rates on company books.

Link: FASB proposal meets stiff opposition

The US Financial Accounting Standards Board responded to lobbying by suspending a section of its EITF03-1 guidance, which would require the value of bond holdings to be marked down the when rates rise, The Financial Times reported.

With further interest rates expected soon, there had been fears that accountants’ interpretation of the rule might lead to a significant down grading of the bonds.

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