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EFRAG asks IASB to reconsider IAS 39 decision

  • EFRAG (European Financial Reporting Advisory Group) (dk green) Image

01 Dec 2003

The European Financial Reporting Advisory Group (EFRAG) has asked the IASB to reconsider a decision about accounting for offsetting internal derivative contracts used to manage foreign currency risk.

In September, the IASB concluded that internal hedges that are used in the same type of hedge relationship and are offset on a net basis with external contracts to manage foreign currency risk should not be eligible for hedge accounting under the revised IAS 39. EFRAG has recommended that the IASB adopt the US treatment, which permits hedge accounting. Click to download the EFRAG Letter (PDF 35k).

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