EU formally adopts IFRIC 19

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26 Jul, 2010

The European Union has published the Commission Regulation (EC) No 662/2010 endorsing IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments.

The Interpretation applies when a debtor extinguishes a liability fully or partly by issuing equity instruments to the creditor. IFRIC 19 addresses only the accounting by the entity that issues the equity instruments; it does not address the accounting by the creditor (lender).

Currently only two IASB pronouncements await endorsement action.

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