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Roundtable on Puttable Instruments

Date recorded:

On Monday 12 November 2007, the IASB conducted a public roundtable on a revised staff draft of an amendment to IAS 32. The issue is whether financial instruments puttable at fair value and obligations arising on liquidation should be classified as debt or equity. Here is a brief report:

  • Thirty-three individuals and organisations participated in the roundtable, as did eight IASB members and several staff.
  • The revised draft amendment can be downloaded from the IASB's Website (PDF 888k).
  • During the roundtable, the IASB indicated that it does not consider the changes from the June 2006 Exposure Draft significant enough to warrant re-exposure.
  • While most participants agreed that amendment of IAS 32 for puttable instruments is needed, and many spoke in favour of the revised draft amendment, numerous technical issues were raised with respect to the proposal. Staff indicated that it plans to consider whether and how to reflect the views expressed at the roundtable in a revised draft of amendments to IAS 32 that it plans to present at the Board's December 2007 meeting.
  • The IASB is aware of the need to finalise the amendment as soon as it can to allow early adoption for many entities. The Board intends to post a near-final draft of the final amendments on its website when available.

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