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The proposals also respond directly to and are consistent with the recommendations and timetable set out by the G20 leaders and other international bodies. In order to be responsive to calls for improved accounting, the IASB decided to split the comprehensive project into three phases (the other phases address the impairment methodology and hedge accounting). The IASB plans to complete the replacement of IAS 39 during 2010, although mandatory application will not be before January 2012.
Introducing the exposure draft, Sir David Tweedie, Chairman of the IASB, said:
The financial crisis has demonstrated that investors need to be given a better understanding of information presented in the financial statements about financial instruments held or issued by a company. Making it easier for investors to understand financial statements is an essential ingredient to the recovery of investor confidence.
The proposals today are an important first step in this process. They also respond directly to concerns raised about the accounting for financial instruments. In finalising these proposals we will continue to work jointly with the US standard-setter, the Financial Accounting Standards Board, to achieve a common and improved accounting standard on financial instruments.
The IASB will host two live Web presentations to introduce its proposals on Wednesday 15 July 2009. The first will take place at 9:30am London time. For the convenience of interested parties in different time zones the second webcast will take place at 3:00pm London time. An IASB ‘Snapshot’, a high level summary of the proposals, is also available to download free of charge from the project section of the IASB website.
The IASB invites comments on the exposure draft, ED/2009/7 Financial Instruments: Classification and Measurement, by 14 September 2009. The exposure draft is available on the ‘Open for Comment’ section on www.iasb.org from today.
Printed copies of ED/2009/7 Financial Instruments: Classification and Measurement (ISBN 978 1 907026-21-8) will be available shortly, at £10 plus shipping, from the IASC Foundation Publications Department. Subscribers may also view the document on the eIFRS website. Those wishing to subscribe to eIFRSs should visit the online shop at www.iasb.org or contact:
IASC Foundation Publications Department,
30 Cannon Street, London EC4M 6XH, United Kingdom.
Tel: +44 (0)20 7332 2730 Fax +44 (0)20 7332 2749
Email: publications@iasb.org Web: www.iasb.org
The IASB plans to review the proposals in the light of respondents’ comments and to issue the resulting amendments to IFRSs before the end of 2009.
Press enquiries
For press enquiries, please contact:
- Mark Byatt, Director of Corporate Communications, IASB
Telephone: +44 (0)20 7246 6472
Email: mbyatt@iasb.org
- Sonja Horn, Communications Adviser, IASB
Telephone: +44 (0)20 7246 6463
Email: shorn@iasb.org
Technical enquiries
For technical enquiries, please contact:
- Gavin Francis, Director of Capital Markets, IASB
Telephone: +44 (0)20 7246 6410
Email: gfrancis@iasb.org |