The Financial Accounting Standards Board issued Tuesday a long-awaited accounting standards update for the recognition and measurement of financial instruments that it has been developing for over a decade with the International Accounting Standards Board.

The standard affects public and private companies, not-for-profit organizations, and employee benefit plans that hold financial assets or owe financial liabilities. FASB also plans to issue this year a separate standard on the impairment of financial instruments that will differ markedly from the IASB’s. The IASB issued its own financial instruments standard, IFRS 9, in 2014. The "recognition and measurement" standard was formerly referred to as "classification and measurement" but was changed to better reflect what FASB was trying to address.

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