Deloitte letter on day 1 profit disclosures

  • Deloitte Comment Letter Image

02 Jun 2005

Deloitte has submitted a (PDF 34k).

The proposed drafting would be included in IFRS 7 Financial Instruments: Disclosures, scheduled for release later this month.

We generally agree with the proposed drafting of the "Day 1 gain or loss" disclosures to be included in IFRS 7 Financial Instruments: Disclosures. However, we believe an entity should be required to determine categories of instruments for which the "Day 1 gains or losses" issue is relevant (for example, derivative commodity contracts and structured financial products). A requirement to describe these categories should be inserted into IFRS 7.

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