| Exposure draft on hedge accounting |
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| Wednesday, 24 October 2007 | |
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The Accounting Standards Board (ASB) has issued an exposure draft of amendments to Financial Reporting Standard (FRS) 26 (IAS 39) Financial Instruments: Recognition and Measurement – Exposures Qualifying for Hedge Accounting. This follows similar proposals issued in September 2007 by the International Accounting Standards Board (IASB). The proposed amendments respond to requests for additional guidance on what IAS 39 permits to be designated as a hedged item. They are intended to clarify the IASB’s original intentions regarding what can be designated as a hedged item and when an entity may designate a portion of the cash flows of a financial instrument as a hedged item. Following the issue of the IASB exposure draft, the ASB is proposing to make corresponding changes to FRS 26 to keep it in line with the international standard. The ASB believes that the proposals set out in this exposure draft should not impose significant additional costs of preparation, but would welcome the views of constituents. The Exposure Draft can be downloaded, free of charge, from the FRC website. Comments on the exposure draft are requested by 11 January 2008. Related links |
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