The Financial Accounting Standards
Board (FASB) has proposed an accounting standards update for
investment property entities and a clarification of criteria for
investment company accounting.
The first update will require of an entity
that meets certain criteria to measure its investment properties at
fair value instead of applying lease accounting to each individual
lease.
It will also introduce additional presentation
and disclosure requirements for an investment property
entity.
The second proposal, based on a collaboration
with the International Accounting Standards Board (IASB), focuses
on developing consistent criteria for determining whether an entity
is an investment company.
The aim is to improve the comparability between entities that meet
the criteria to be investment companies under US GAAP and those
that meet the criteria to be investment entities under the proposed
amendments to IFRS.
Both FASB proposed updates consolidate US GAAP accounting
principles and IFRS for investment companies and were jointly
developed by the two standard setters.
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By GlobalDataThe proposals are open for comment until 5 January 2012.
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