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Derecognition of financial instruments

Date recorded:

The IASB is preparing to issue a final standard amending the disclosure requirements within IFRS 7 related to transfers of financial assets. In a previous tentative decision, the Board had agreed on an effective date of annual periods beginning on or after 1 January 2011. However, as the final standard will not be issued until the end of the third quarter of 2010, there was concern over the timeframe given to preparers to comply with the disclosure requirements, particularly since system modifications may be required to capture and retain the appropriate information.

The Board agreed to require an effective date of periods beginning on or after 1 July 2011, with early application still permitted. Additionally, comparative information would not be required for periods ending before 31 December 2011.

The Board plans to issue the final disclosure standard on 30 September 2010.

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Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.