Exposure Draft on Financial Instruments: Classification and Measurement

The International Accounting Standards Board (IASB) has issued Exposure Draft on Financial Instruments: Classification and Measurement with the objective to reduce complexity and make it easier for investors to understand financial statements, address how financial instruments are classified and measured. The proposals also answer concerns raised by interested parties during the financial crisis (for example, eliminating the different impairment approaches for available-for-sale assets and assets measured using amortised cost).

Invitation to comments

ASB invites comments on the said Draft from the public. The downloadable version of the draft is available at http://www.iasb.org/NR/rdonlyres/D1598224-3609-4F0A-82D0-6DC598C3249B/0/EDFinancialInstrumentsClassificationandMeasurement.pdf, whereas, Draft amendments to other IFRSs and guidance and Basis for Conclusions accompanying the Exposure Draft are available at http://www.iasb.org/NR/rdonlyres/206FD303-D25D-45CB-8B12-1C4DDA6046A7/0/EDFinnstrAppCGuidance.pdf and http://www.iasb.org/NR/rdonlyres/59DA239E-E3A0-4587-A141-9F15AC16DC7C/0/EDFinInstrBasis.pdf respectively. Comments would be most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording.

Comments should be submitted in writing to the Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi-110002, so as to be received not later than August 24, 2009. Comments can also be sent by e-mail at asb @ icai.org or edcommentsasb @ icai.org.