RegulationAccounting StandardsIASB issues amendment to IAS 39

IASB issues amendment to IAS 39

IASB has issued an amendment on how the existing standard on hedge accounting can be applied

The
International
Accounting Standards Board
(IASB) has released an amendment on how the
existing standard on hedge accounting can be applied.

The amendment to IAS 39 Financial Instruments: Recognition and Measurement
clarifies how the existing principles underlying hedge accounting should be
applied to a) a one-sided risk in a hedged item and (b) inflation in a
financial hedged item.

The change follows a request by the International Financial Reporting
Interpretations Committee (IFRIC) to IASB to provide additional guidance on what
can be designated as a hedged item because the responses to an exposure draft of
proposed guidance, published in September 2007, indicated diversity or likely
deversity in practice.

The amendment is required to be applied retrospectively for annual periods
beginning on or after July 1, 2009, with earlier application permitted.

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