IASB issues draft of the forthcoming IFRS on general hedge accounting

The New Zealand Accounting Standards Board (NZASB) advises constituents that the IASB has issued a draft of the forthcoming general hedge accounting requirements that will be added to IFRS 9 Financial Instruments.

The IASB website announcement states:

“The draft IFRS has been prepared by the staff of the IASB and reflects the cumulative tentative decisions made by the Board. The Board’s technical deliberations are complete.

The IASB is not seeking comments on the draft, which is being made available for information purposes to enable constituents to familiarise themselves with the document. The draft will remain on the website until early December 2012 after which time the Board intends to proceed to finalise the draft document.”

While the IASB is not seeking comments on the draft, the NZASB will be pleased to receive comments from constituents on the proposals in the staff draft and their applicability in the New Zealand environment.

The NZASB is also seeking constituents’ views as to whether the revised version of IFRS 9 resulting from the issue of the IFRS on general hedge accounting should be introduced into the interim suite of NZ IFRS PBE Standards for Tier 1 and Tier 2 public benefit entities.

Comments on the draft IFRS can take whatever form is easiest for respondents.
Submissions should be addressed to the Chief Executive, External Reporting Board, PO Box 11250, Manners Street Central, Wellington 6142, and emailed to submissions@xrb.govt.nz. Submissions are requested by Friday 16 November 2012.

The hyperlink below links to the IASB website and the draft IFRS, draft Basis for Conclusions and draft Implementation Guidance.

Draft IFRS 9 requirements

Draft Basis for Conclusions

Draft Implementation Guidance

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