IASB September 2006

The Board discussed two possible approaches to setting the initial scope of a standard of financial reporting for financial instruments: one is to set a broad scope comprising financial instruments and contracts with the same probable outcomes as financial instruments and other is to set a narrow scope comprising only financial instruments as defined.

The Board tentatively decided that the initial scope of the document should be set based on the definition of financial instruments.

The Board tentatively accepted a revised definition of financial instruments proposed by the staff.