Before the global financial crisis that began in 2008, both the Financial Accounting
Standards Board (FASB) and the International Accounting Standards Board
(IASB) began a joint project to improve and to achieve convergence of their
respective standards on the accounting for financial instruments. The global
economic crisis further highlighted the need for improvement in the accounting
models for financial instruments in today’s complex economic environment. As a
result, the main objective in developing this Update is enhancing the reporting
model for financial instruments to provide users of financial statements with more
decision-useful information.


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