The IAIS welcomes the opportunity to comment on the IASB's Exposure Draft on Offsetting Financial Assets and Financial Liabilities, and is supportive of the IASB's proposed offsetting criteria.
In particular, the
IAIS notes that the proposals do not appear to represent much change from the current requirements in
IAS 32, which have worked well in practice and are appropriate in terms of their robustness and the quality of information they provide.
In addition, the
IAIS is generally supportive of the proposed disclosure requirements. The proposed disclosures, if clearly presented, should help comparability across firms, and use of the tabular format may help users to understand the information more clearly than would be the case for more dispersed and discursive disclosure. However, the
IAIS notes that the proposals represent an increase in the level of disclosure currently provided by preparers and, as such, the
IAIS encourages the Board to ensure that the increase in disclosure provides real added-value for users. Consistency with
IFRS 7 is also encouraged.
On the issue of effective dates and transition, the
IAIS is supportive of the Board’s proposal that the requirements be applied retrospectively.
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