IAS 39 reclassifications – 3 days to go!

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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.


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