EC endorses IAS 39 reclassification amendment

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16 Oct 2008

The European Commission has approved, for use in Europe, the IASB's recent Amendment to IAS 39 and IFRS 7 permitting reclassification of some financial instruments out of the fair-value-through-profit-or-loss category and out of the available-for-sale category.

The amendments introduce into IFRSs the same possibility of reclassifications that is already permitted under US GAAP. The Commission's endorsement has been published in the Official Journal of the European Union as Regulation (EC) No 1004/2008 (PDF 47k).

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