FASB Releases New Standard on Classification & Measurement of Financial Instruments

On January 5, 2016, the Financial Accounting Standards Board (FASB) published Accounting Standards Update (ASU) 2016-01, Financial Instruments Overall: Recognition and Measurement of Financial Assets and Financial Liabilities that amends the guidance on the classification and measurement of financial instruments. ASU 2016-01 becomes effective for public business entities in fiscal years beginning after December 15, 2017, including interim periods therein. All other entities are provided a one-year deferral.