This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

IAS 39 reclassifications – 3 days to go!

  • Exclamation mark (green) Image

29 Oct 2008

The IASB has issued guidance clarifying the effective date of the fast-tracked IAS 39 amendments permitting Reclassifications of certain financial assets in certain circumstances.

The guidance is set out on page 1 of the IASB Update newsletter for October 2008, which may be Downloaded from the IASB's Website without charge.

The key dates are as follows:

  • Reclassifications cannot be applied retrospectively before 1 July 2008
  • The decision to reclassify a financial asset to a date between 1 July 2008, and 31 October 2008, must be made before 1 November 2008
  • All reclassification made on or after 1 November 2008 shall be effective from the date of reclassification, irrespective of when the accounting period starts.
Therefore, those entities wishing to take advantage of the amendment to reclassify financial assets retrospectively must do so before 1 November 2008 as any reclassifications made on or after this date can only take effect from the date of the reclassification.

 

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.