1. IAS 39 vs FAS 159 versus

2. Must meet criteria so that financial reporting is improved by fair value measurement Precludes similar items as listed in FAS159 (leases, pensions, etc.) Determination is made at initial recognition and cannot be changed Instrument by instrument decision Applies only to items within scope of FAS159 Determination is made at initial recognition and cannot be changed

4. IAS 39 vs FAS 114, 118, etc. versus

6. Carried at amortized cost (using the effective interest method) minus any reduction (directly or through the use of an allowance account) for impairment or uncollectibility. Carried at amortized cost (using the effective interest method) An allowance for uncollectible amounts makes the carrying value = net realizable value

11. The amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective interest rate. The impairment is measured based on the present value of expected future cash flows at the loan’s (original) effective interest rate Practical expedients are permitted Observable market price Value of collateral