The Board was updated on the recent meeting of the financial instruments working group. The update included the following:
- Board members in attendance at those meetings had re-iterated that the working group was intended to assist the Board with work on financial instrument accounting that would ultimately replace IAS 39. It was pointed out that there should be no tinkering with the standard, instead only improvements should be explored and put through as a way of improving the Standard unless some direction is determined that could lead to a full review of the entire standard.
- Members of the working group had indicated concern about moving to a full fair value basis of accounting given where accounting is at present.