IASB proposes more changes to IAS39
Three amendments to the controversial standard on financial instruments have been published for consultation as standard setters continue to work towards a standard acceptable to Europe's banks.
Link: IAS39 dead in the water
The three exposure drafts released by the International Accounting Standards Board do not however relate to the ongoing broad examination of financial instruments or the board’s work on interest margin hedging.
The releases would allow companies an easier route to first time adoption of IAS39, clarify the treatment of foreign currency cash flow hedges, and require financial guarantee contracts to be measures initially at fair value.
‘These proposed amendments are an attempt to address some limited, but important, implementation issues on IAS39 and respond directly to certain concerns expressed by constituents,’ said IASB chairman Sir David Tweedie.
‘Our objective is to ease the implementation of IAS 39, and to ensure that liabilities for financial guarantees are not omitted from the financial statements. We shall welcome comments on whether the proposals meet their objective.’
Comments on the exposure drafts are requested by 8 October.