IASB proposes amendments to IFRICs 9 and 16
Jan 31, 2009
Based on decisions reached at the IASB's January 2009 meeting, the Board has issued Exposure Draft ED/2009/1 'Post-implementation Revisions to IFRIC Interpretations (Proposed amendments to IFRIC 9 and IFRIC 16)'.
- IFRIC 9: Exclude from the scope of IFRIC 9 embedded derivatives in contracts acquired in combinations of entities or businesses under common control or in the formation of a joint venture. The proposed effective date is annual periods beginning on or after 1 July 2009 – in time for the effective date of IFRS 3 (2008).
- IFRIC 16: Allow entities to designate as a hedging instrument in a hedge of a net investment in a foreign operation an instrument that is held by the foreign operation that is being hedged. The ED proposes to amend IFRIC 16 paragraph 14 by deleting a parenthetical comment: '(except the foreign operation that itself is being hedged)'. The proposed effective date is annual periods beginning on or after 1 October 2008.