The amendments are a response to calls from constituents, particularly within the European Union, to create a 'level playing field' with US GAAP regarding the ability to reclassify financial assets. The changes to IAS 39 permit an entity to reclassify non-derivative financial assets out of the 'fair value through profit or loss' (FVTPL) and 'available-for-sale' (AFS) categories in limited circumstances. Such reclassifications will trigger additional disclosure requirements. The effective date of the amendments is 1 July 2008 (which is before the date of issue). The IFRS Global Office of Deloitte has published a special edition IAS Plus Newsletter: Amendments to IAS 39 & IFRS 7 – Reclassification of Financial Assets (PDF 193k) explaining the changes. [This link is to an updated version of the IAS Plus Newsletter issued on 30 October 2008 following some clarifications of the effective date by the IASB. See our news story of 30 October 2008.] You will find all Past IAS Plus Newsletters Here.