The FASB's Project on Financial Instruments
Czerniewski, David E.
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The work contains analyses and evaluation of the FASB's Project on Financial Instruments. Emphasis is placed on the disclosure, as well as the recognition and measurement phases of the long term project. Each section of the long-term project is evaluated on a cost-benefit approach. In particular, the advantages of the FASB's "building block" approach to recognition and measurement are compared to its disadvantages. Problems concerning the implementation of the FASB's proposed solution are all discussed. The role of the Emerging Issues Task Force in dealing with financial instrument is also examined.