Revised IAS 39 reclassification amendments
27 Nov 2008
The IASB has issued an updated version of the recent Reclassification Amendments to IAS 39 'Financial Instruments: Recognition and Measurement' and IFRS 7 'Financial Instruments: Disclosures' (issued on 13 October 2008) to clarify the effective date of the amendments.
Following publication of the amendments, and in response to requests, the IASB subsequently clarified the effective date requirements at its meeting in October, as follows:
Any reclassification made on or after 1 November 2008 takes effect from the date of reclassification. However, any reclassification before 1 November 2008 can take effect from 1 July 2008 or a subsequent date. A reclassification cannot be applied retrospectively before 1 July 2008.
The clarification was published in the October issue of IASB Update and on IAS Plus, and it has now been incorporated in the revised version of the amendments, which can be downloaded from the IASB's website.
