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Reminder about upcoming comment deadline

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11 Dec 2008

We remind you that comments are due on 15 December 2008 on an exposure draft of proposed amendments to IFRS 7: 'Improving Disclosures about Financial Instruments', which was issued on 15 October 2008. The exposure draft proposes the following changes to IFRS 7.

Fair value disclosures

  • Introduction of a three level hierarchy when disclosing fair values (comparable to the US SFAS 157 hierarchy)
    • Quoted prices in active markets for the same instrument (without modification or repackaging)
    • Quoted prices in active markets for similar assets or liabilities or other valuation techniques for which all significant inputs* are based on observable market data
    • Valuation techniques for which any significant input is not based on observable market data
  • Reconciliations of balances for fair values measured without using observable market inputs
  • Reconciliations of movements between the levels (including reasons)

Liquidity risk disclosures

  • Clarification of the scope of which instruments are to be included
  • Disclosure of liquidity risk for derivative financial liabilities based on risk management of the entity
  • Disclosure of expected remaining maturities of non-derivative financial liabilities if the entity manages risk in that way
  • Enhanced relationship between quantitative and qualitative disclosures of liquidity risk

Click for more information on the project.

Correction list for hyphenation

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