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Intermediate Financial Accounting II
Contemporary Accounting Issues
October 18th, 2005
1) The primary change proposed in CICA Section 3855-Financial Instruments-Recognition and Measurement is to introduce new requirements for the recognition and measurement of financial instruments and comprehensive income that are harmonized with standards issued by both the US Financial Accounting Standards Board and the International Accounting Standards Board.
As the market for financial instruments has expanded in terms of growth as well as sophistication, the traditional recognition, measurement and disclosure principles have since proven inadequate to handle the financial instruments readily available to most firms.
Section 3855 dictates when a financial instrument is to be recognized on the Balance Sheet as well as how financial instrument gains and losses are to be reported and presented on a firm's financial statements.
2) The new standards must be applied no later then......
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Title: Accounting Issues
Approximate Word Count: 692
Approximate Pages: 3 (250 words per double-spaced page)
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