Where are we in the project?
On 15 October 2008 the IASB published an exposure draft Improving Disclosures about Financial Instruments (proposed amendments to IFRS 7). The exposure draft is open for comment until 15 December 2008.
View the exposure draft and submit a comment letter
The exposure draft comprises of an IASB Invitation to Comment and the proposed amendments to IFRS 7.
Next due process step
The exposure draft is open for comment until 15 December 2008. After the comment deadline, the IASB will consider an analysis on the comments received before deciding how to proceed.
Why are we undertaking this project?
This project is undertaken as part of the IASB’s standard review of IFRS 7 (issued in 2005). It is also undertaken as part of the IASB’s response to the credit crisis. Click here for more on the IASB’s response to the credit crisis. The proposed amendments to IFRS 7 would clarify and enhance disclosures about fair value measurements and the liquidity risk of financial instruments.
The Board has been informed by users of financial statements and others that enhanced disclosures about fair value measurements are required, especially in the light of the present market conditions.
Project objectives
The objective of this project is to improve IFRS 7 to enhance disclosures about valuations, methodologies and the uncertainty associated with fair value measurements. The amendments also clarify and enhance existing disclosure requirements about the nature and extent of liquidity risk.
Related projects
Other related projects include: