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The Financial Accounting Standards Board recently released a proposed accounting standards update for financial instruments concerning new financial statement disclosures of liquidity risk and interest rate risk. The proposal is one portion of a joint project between FASB and the International Accounting Standards Board on the subject of accounting for financial instruments. FASB has opened a 90-day comment period on the proposal, which expires on Sept. 25. There was no effective date listed in the proposal. The exposure draft states that the effective date will be determined after the board considers feedback on the amendments.

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