The International Accounting Standards Board (IASB) published three short Exposure Drafts proposing limited amendments to
IAS 39 Financial Instruments: Recognition and Measurement. Two amendments are aimed at easing the implementation of the standard, the other is intended to ensure that a guarantor's balance sheet includes all guarantees issued.
The first Exposure Draft ‘Transition and Initial Recognition of Financial Assets and Financial
Liabilities’ allows entities who first adopt IAS 39 an easier transition that would enable them to eliminate a difference between the IASB’s Standards and US requirements.
The Exposure Draft ‘Cash Flow Hedge Accounting of Forecast Intragroup Transactions’
clarifies the treatment in consolidated financial statements of a foreign currency cash flow
hedge.
The Exposure Draft ‘Financial Guarantee Contracts and Credit Insurance’ proposes that the
issuer of a financial guarantee contract should measure the contract initially at fair value.
The text of the Exposure Drafts will be available freely from the IASB’s Website from 19 July.
Comments are requested by 8 October 2004.
Press release
© IASB - International Accounting Standards Board
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