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The FASB amended the new guidance on recognizing and measuring financial instruments to clarify that entities have to use a prospective transition approach only for equity securities they elect to measure using the new measurement alternative. The amendments also clarify other aspects of the guidance on how to apply the measurement alternative and the presentation requirements for financial liabilities measured under the fair value option. The amendments are effective for calendar-year public business entities for annual periods beginning in 2018 and interim periods beginning in the third quarter of 2018. Early adoption is permitted.