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October 27, 2011

FASB proposes updates for investment accounting

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.

The proposals are open for comment until 5 January 2012.

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