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  • IAS 39 — Transition and day 1 profit recognition
    IAS 32 Classification of rights issues IAS 32 Members shares in co operative entities IAS 32 Puttable financial instruments IAS 32 IAS 39 Improvements to IASC financial instruments standards IAS 39 Cash flow hedge accounting of forecast intragroup transactions IAS 39 Exposures qualifying for hedge accounting IAS 39 Fair value option IAS 39 Macro hedging IAS 39 Reassessment of embedded derivatives IAS 39 Transition and day 1 profit recognition IAS 39 IAS 32 Debt to equity swaps IAS 39 IAS 37 Credit risk in liability measurement IAS 39 IFRS 4 Financial guarantee contracts and credit insurance IAS 39 IFRS 7 Reclassification of financial assets IAS 39 IFRS 9 Novation of OTC derivatives and continuing designation for hedge accounting IFRIC 16 Amendment to the restriction on the entity that can hold hedging instruments IFRIC 9 Scope of IFRIC 9 and revised IFRS 3 IFRS 7 Disclosures about investments in debt instruments IFRS 7 Improved disclosures about financial instruments Financial instruments General hedge accounting Financial instruments Impairment Financial instruments Limited reconsideration of IFRS 9 IAS 32 Put options over non controlling interests NCIs Info IAS 39 Transition and day 1 profit recognition Background At its April 2004 meeting the IASB was made aware of difficulties in the transition requirements in IAS 39 Financial Instruments Recognition and Measurement for first time adopters using IFRS 1 First time Adoption of International Financial Reporting Standards to apply fully the retrospective approach without the impracticability exception for day one profit previously recognised The Board also noted this was contradictory to US GAAP which limits the retrospective approach to 25 October 2002 The Board therefore decided to converge with US GAAP to only require retrospective application back to 25 October 2002 Companies would have the choice to retrospectively apply earlier Current status of the project This project

    Original URL path: http://www.iasplus.com/en/projects/completed/fi/ias-39-transition-and-initial-recognition-of-financial-assets-and-financial-liabilities (2016-02-10)
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  • IAS 39/IAS 32 — Debt to equity swaps
    39 Improvements to IASC financial instruments standards IAS 39 Cash flow hedge accounting of forecast intragroup transactions IAS 39 Exposures qualifying for hedge accounting IAS 39 Fair value option IAS 39 Macro hedging IAS 39 Reassessment of embedded derivatives IAS 39 Transition and day 1 profit recognition IAS 39 IAS 32 Debt to equity swaps IAS 39 IAS 37 Credit risk in liability measurement IAS 39 IFRS 4 Financial guarantee contracts and credit insurance IAS 39 IFRS 7 Reclassification of financial assets IAS 39 IFRS 9 Novation of OTC derivatives and continuing designation for hedge accounting IFRIC 16 Amendment to the restriction on the entity that can hold hedging instruments IFRIC 9 Scope of IFRIC 9 and revised IFRS 3 IFRS 7 Disclosures about investments in debt instruments IFRS 7 Improved disclosures about financial instruments Financial instruments General hedge accounting Financial instruments Impairment Financial instruments Limited reconsideration of IFRS 9 IAS 32 Put options over non controlling interests NCIs Info IAS 39 IAS 32 Debt to equity swaps Background IFRIC received a request for guidance on the application of IAS 39 Financial Instruments Recognition and Measurement and IAS 32 Financial Instruments Presentation when an entity issues its own equity instruments to extinguish all or part of a financial liability i e how should an entity recognise the equity instruments issued Current status of the project This project has been completed IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments was issued on 26 November 2009 Project milestones Date Development Comments 6 August 2009 IFRIC D25 Extinguishing Financial Liabilities with Equity Instruments published Comment deadline 5 October 2009 26 November 2009 IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments issued Effective for annual periods beginning on or after 1 July 2010 Related Discussions IAS 32 Debt to equity swaps 05 Nov 2009

    Original URL path: http://www.iasplus.com/en/projects/completed/fi/ias-39-debt-to-equity-swaps (2016-02-10)
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  • IAS 39/IAS 37 – Credit risk in liability measurement
    shares in co operative entities IAS 32 Puttable financial instruments IAS 32 IAS 39 Improvements to IASC financial instruments standards IAS 39 Cash flow hedge accounting of forecast intragroup transactions IAS 39 Exposures qualifying for hedge accounting IAS 39 Fair value option IAS 39 Macro hedging IAS 39 Reassessment of embedded derivatives IAS 39 Transition and day 1 profit recognition IAS 39 IAS 32 Debt to equity swaps IAS 39 IAS 37 Credit risk in liability measurement IAS 39 IFRS 4 Financial guarantee contracts and credit insurance IAS 39 IFRS 7 Reclassification of financial assets IAS 39 IFRS 9 Novation of OTC derivatives and continuing designation for hedge accounting IFRIC 16 Amendment to the restriction on the entity that can hold hedging instruments IFRIC 9 Scope of IFRIC 9 and revised IFRS 3 IFRS 7 Disclosures about investments in debt instruments IFRS 7 Improved disclosures about financial instruments Financial instruments General hedge accounting Financial instruments Impairment Financial instruments Limited reconsideration of IFRS 9 IAS 32 Put options over non controlling interests NCIs Info IAS 39 IAS 37 Credit risk in liability measurement Background This project examines how an entity s own credit risk or credit standing is reflected in measuring financial liabilities It is part of the IASB s comprehensive review of accounting issues emerging from the global financial crisis Current status of the project In October 2009 the IASB decided to stop work on this project as a separate project and instead to consider the issues in the Conceptual Framework Measurement project The IASB is also considering credit risk in its comprehensive project on financial instruments Project milestones Date Development Comments 18 June 2009 Discussion Paper DP 2009 2 Credit Risk in Liability Measurement published Comment deadline 1 September 2009 18 June 2009 Staff Paper accompanying DP 2009 2

    Original URL path: http://www.iasplus.com/en/projects/completed/fi/project65 (2016-02-10)
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  • IAS 39/IFRS 4 – Financial guarantee contracts and credit insurance
    Reassessment of embedded derivatives IAS 39 Transition and day 1 profit recognition IAS 39 IAS 32 Debt to equity swaps IAS 39 IAS 37 Credit risk in liability measurement IAS 39 IFRS 4 Financial guarantee contracts and credit insurance IAS 39 IFRS 7 Reclassification of financial assets IAS 39 IFRS 9 Novation of OTC derivatives and continuing designation for hedge accounting IFRIC 16 Amendment to the restriction on the entity that can hold hedging instruments IFRIC 9 Scope of IFRIC 9 and revised IFRS 3 IFRS 7 Disclosures about investments in debt instruments IFRS 7 Improved disclosures about financial instruments Financial instruments General hedge accounting Financial instruments Impairment Financial instruments Limited reconsideration of IFRS 9 IAS 32 Put options over non controlling interests NCIs Info IAS 39 IFRS 4 Financial guarantee contracts and credit insurance Background Financial guarantee contracts sometimes known as credit insurance require the issuer to make specified payments to reimburse the holder for a loss it incurs if a specified debtor fails to make payment when due under the original or modified terms of a debt instrument These contracts can have various legal forms such as that of a financial guarantee letter of credit credit default contract or insurance contract Some financial guarantee contracts result in the transfer of significant insurance risk and thus meet the definition of insurance contract in IFRS 4 Insurance Contracts Mindful of the need to develop a stable platform of Standards for 2005 the Board decided to finalise IFRS 4 without specifying the accounting for these contracts and to subsequently develop separate proposals on this aspect As part of finalising IFRS 4 the IASB also decided If a financial guarantee contract is not an insurance contract as defined in IFRS 4 it should be within the scope of IAS 39 Financial Instruments

    Original URL path: http://www.iasplus.com/en/projects/completed/fi/ias-39-financial-guarantee-contracts-and-credit-insurance (2016-02-10)
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  • IAS 39/IFRS 7 – Reclassification of financial assets
    Hedging a net investment IAS 32 Classification of instruments denominated in a foreign currency IAS 32 Classification of rights issues IAS 32 Members shares in co operative entities IAS 32 Puttable financial instruments IAS 32 IAS 39 Improvements to IASC financial instruments standards IAS 39 Cash flow hedge accounting of forecast intragroup transactions IAS 39 Exposures qualifying for hedge accounting IAS 39 Fair value option IAS 39 Macro hedging IAS 39 Reassessment of embedded derivatives IAS 39 Transition and day 1 profit recognition IAS 39 IAS 32 Debt to equity swaps IAS 39 IAS 37 Credit risk in liability measurement IAS 39 IFRS 4 Financial guarantee contracts and credit insurance IAS 39 IFRS 7 Reclassification of financial assets IAS 39 IFRS 9 Novation of OTC derivatives and continuing designation for hedge accounting IFRIC 16 Amendment to the restriction on the entity that can hold hedging instruments IFRIC 9 Scope of IFRIC 9 and revised IFRS 3 IFRS 7 Disclosures about investments in debt instruments IFRS 7 Improved disclosures about financial instruments Financial instruments General hedge accounting Financial instruments Impairment Financial instruments Limited reconsideration of IFRS 9 IAS 32 Put options over non controlling interests NCIs Info IAS 39 IFRS 7 Reclassification of financial assets Background In October 2008 the IASB received requests particularly from within the European Union to address differences between the reclassification requirements of IAS 39 Financial Instruments Recognition and Measurement and US GAAP SFAS No 115 Accounting for Certain Investments in Debt and Equity Securities and SFAS 65 Accounting for Certain Mortgage Banking Activities In particular US GAAP permits non derivative financial assets held for trading and available for sale financial assets to be reclassified in particular situations The request to address this issue was urgent in light of the global financial crisis and the IASB decided to bypass its usual due process as agreed by the Trustees and immediately issue an amendment Current status of the project This project has been completed The IASB issued Reclassification of Financial Assets Amendments to IAS 39 and IFRS 7 on 13 October 2008 Following the issue of the amendments constituents told the IASB that there was uncertainty about the interaction between the amendments and IFRIC 9 Reassessment of Embedded Derivatives regarding the assessment of embedded derivatives In order to address these issues the IASB issued Embedded Derivatives Amendments to IFRIC 9 and IAS 39 on 12 March 2009 Project milestones Date Development Comments 13 October 2008 Reclassification of Financial Assets Amendments to IAS 39 and IFRS 7 issued Amendments effective 1 July 2008 23 December 2008 Embedded Derivatives Proposed amendments to IFRIC 9 and IAS 39 published Comment deadline 21 January 2009 12 March 2009 Embedded Derivatives Amendments to IFRIC 9 and IAS 39 issued Amendments effective for annual periods ending on or after 30 June 2009 Quick links IAS 39 Financial Instruments Recognition and Measurement IFRS 7 Financial Instruments Disclosures IFRIC 9 Reassessment of Embedded Derivatives Related news CESR s report on reclassification of financial instruments 16 Jul

    Original URL path: http://www.iasplus.com/en/projects/completed/fi/ias-39-reclassification (2016-02-10)
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  • IAS 39/IFRS 9 — Novation of OTC derivatives and continuing designation for hedge accounting
    A narrow scope project to amend IAS 39 Financial Instruments Recognition and Measurement and IFRS 9 Financial Instruments to allow a novation of an over the counter OTC derivative that is designated as a hedging instrument where that novation is required by legislation regulation of an otherwise unchanged hedging instrument to be deemed to be a continuation of the existing hedging relationship This project arose out of a request to the IFRS Interpretations Committee In July 2012 the Regulation on OTC derivatives central counterparties and trade repositories the so called European Market Infrastructure Regulation EMIR was adopted by the European Commission and published in the Official Journal One of the effects of the EMIR was the implementation of central clearing for certain classes of OTC derivatives and the original request to the Committee concerned the impact on hedge accounting from when an OTC derivative is novated to a central counterparty CCP in accordance with EMIR The legislation in Europe giving rise to the IFRS Interpretations Committee request arose out of a commitment from the G20 in response to the global financial crisis to implement new requirements for centralised clearing for standardised OTC derivative contracts Specifically in September 2009 the G20 leaders agreed that All standardised OTC derivative contracts should be traded on exchanges or electronic trading platforms where appropriate and cleared through central counterparties by end 2012 at the latest OTC derivative contracts should be reported to trade repositories Non centrally cleared contracts should be subject to higher capital requirements We ask the FSB Financial Stability Board and its relevant members to assess regularly implementation and whether it is sufficient to improve transparency in the derivatives markets mitigate systemic risk and protect against market abuse The Committee considered the issue of the impact of these reforms on hedge accounting and recommended a limited scope amendment to the IASB The IASB agreed to add this project to its active agenda at its January 2013 meeting As the proposed amendment is expected to be short be broadly supported and the topic is exceptionally urgent following the introduction of new regulations in certain jurisdictions the project is expected to be expedited and will likely only have a minimum exposure period of 30 days Current status of the project The IASB issued narrow scope amendments to IAS 39 Novation of Derivatives and Continuation of Hedge Accounting on 27 June 2013 effective for annual periods beginning on or after 1 January 2014 Project milestones Date Development Comments January 2013 Narrow scope project added to the IASB s active agenda 28 February 2013 ED 2013 2 Novation of Derivatives and Continuation of Hedge Accounting issued Comment deadline 2 April 2013 27 June 2013 Novation of Derivatives and Continuation of Hedge Accounting Amendments to IAS 39 issued Effective for annual periods beginning on or after 1 January 2014 Related Discussions IAS 39 Novation of derivatives and continuation of hedge accounting 22 May 2013 The Board discussed the proposed narrow scope amendment to IAS 39 and IFRS 9

    Original URL path: http://www.iasplus.com/en/projects/completed/fi/ias-39-ifrs-9-novation (2016-02-10)
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  • IAS 40 — Items not added to the agenda
    the agenda IAS 17 Items not added to the agenda IAS 18 Items not added to the agenda IAS 19 Items not added to the agenda IAS 20 Items not added to the agenda IAS 21 Items not added to the agenda IAS 23 Items not added to the agenda IAS 24 Items not added to the agenda IAS 26 Items not added to the agenda IAS 27 Items not added to the agenda IAS 28 Items not added to the agenda IAS 29 Items not added to the agenda IAS 31 Items not added to the agenda IAS 32 Items not added to the agenda IAS 33 Items not added to the agenda IAS 34 Items not added to the agenda IAS 36 Items not added to the agenda IAS 37 Items not added to the agenda IAS 38 Items not added to the agenda IAS 39 Items not added to the agenda IAS 40 Items not added to the agenda IAS 41 Items not added to the agenda IFRS 1 Items not added to the agenda IFRS 2 Items not added to the agenda IFRS 3 Items not added to the agenda IFRS 4 Items not added to the agenda IFRS 5 Items not added to the agenda IFRS 6 Items not added to the agenda IFRS 7 Items not added to the agenda IFRS 8 Items not added to the agenda IFRS 9 Items not added to the agenda IFRS 10 Items not added to the agenda IFRS 11 Items not added to the agenda IFRS 12 Items not added to the agenda IFRS 13 Items not added to the agenda IFRS 14 Items not added to the agenda IFRIC 21 Items not added to the agenda IFRS Interpretations Committee agenda discussions Info IAS 40 Items not

    Original URL path: http://www.iasplus.com/en/projects/not-added/ias-40-not-added (2016-02-10)
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  • IAS 41 — Bearer plants
    for BBAs such as determining the unit of account accounting for CBAs growing on the BBAs unique costs of growing BBA capitalise versus expense additional disclosures transitional provisions The IASB added this project to its agenda in September 2012 The IASB decided a Discussion Paper is not required due to the existing research that had already been undertaken in the topic area Current status of the project This project has been completed The IASB issued Agriculture Bearer Plants Amendments to IAS 16 and IAS 41 on 30 June 2014 Project milestones Date Development Comments September 2012 Limited scope project added to the IASB agenda 26 June 2013 ED 2013 8 Agriculture Bearer Plants published Comment deadline 28 October 2013 30 June 2014 Agriculture Bearer Plants Amendments to IAS 16 and IAS 41 issued Effective for annual periods beginning on or after 1 January 2016 Related Discussions Amendments to IAS 41 Bearer plants 20 May 2014 The staff recommended providing an exemption from applying IAS 8 in full in the first period of applying the bearer plants amendments to IAS 16 and IAS 41 The Board agreed Amendments to IAS 41 Bearer Plants 23 Apr 2014 The Board discussed whether the necessary due process steps had been adhered to which was the case There will potentially be two Board members who signalled their intent to dissent from the final amendments Amendments to IAS 41 Bearer Plants 21 Mar 2014 For this session the project manager presented a paper containing remaining issues raised by only a number of respondents to the Exposure Draft The staff did not propose any significant changes to the ED Agriculture Bearer plants 20 Feb 2014 The Board discussed three issues 1 the scope of the amendments 2 accounting for produce growing on bearer plants and 3 guidance on applying IAS 16 to bearer plants IASB projects review 10 Jun 2013 Sue Lloyd and Alan Teixeira provided the IFRS Advisory Council with a review the current work of the IASB IAS 41 IFRS 13 Valuation of biological assets 22 May 2013 The Board discussed the Staff s two options on how to best proceed with clarifying the use of a residual method as an example of possible valuation technique to measure the fair value of biological assets that are physically attached to land if the biological assets have no separate market but an active market does exist for the combined assets as a group IAS 41 Agriculture IASB only 19 Mar 2013 The Board discussed whether all necessary due process steps have been completed so the staff can begin the balloting process for an Exposure Draft of proposed amendments to IAS 16 and IAS 41 Review of tentative agenda decisions from November update 12 Mar 2013 The Committee discussed the valuation of biological assets using a residual method and accounting for reverse acquisition transactions where the acquiree is not a business IAS 41 Bearer biological assets IASB only 22 Feb 2013 The Board discussed the remaining issues in

    Original URL path: http://www.iasplus.com/en/projects/completed/assets/ias-41-bearer-plants (2016-02-10)
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