Our comments on IFRIC agenda decision on derecognition
10 Dec 2006
We have submitted a letter to the IFRIC in response to their November 2006 tentative rejection wording on derecognition of financial assets.
Overall, we disagree with IFRIC's view that these issues do not require a full interpretation.... Even with the rejection wording we believe there is ambiguity as to how the derecognition guidance works; inconsistency in wording between the IASB Update in September and the IFRIC Update in November; and therefore we would expect further questions to be asked of IFRIC in the future in this area. |