IAS 32/IAS 39 – Improvements to IASC financial instruments standards
Background
In August 2001 the IASB announced, as part of its initial agenda, that it would undertake a project to improve IAS 32 Financial Instruments: Disclosure and Presentation and IAS 39 Financial Instruments: Recognition and Measurement to simplify application and implementation of the Standards.
The Board invited the IAS 39 Implementation Guidance Committee (IGC) to function as an Advisory Committee to the Board in identifying and reviewing issues that should be addressed. The IGC consisted of senior experts in financial instruments with backgrounds as accounting standard-setters, auditors, bankers, and preparers from a range of countries as well as observers from the Basel Committee on Banking Supervision, the International Organization of Securities Commissions (IOSCO), and the European Commission.
Current status of the project
Completed 2003. Revised versions of IAS 32 Financial Instruments: Disclosure and Presentation and IAS 39 Financial Instruments: Recognition and Measurement were issued on 17 December 2003.
Project milestones
| Date | Development | Comments |
|---|---|---|
| 20 June 2002 | Exposure Draft Proposed Amendments to IAS 32, Financial Instruments: Disclosure and Presentation, and IAS 39, Financial Instruments: Recognition and Measurement published | Comment deadline 14 October 2002 |
| 17 December 2003 | IAS 39 Financial Instruments: Recognition and Measurement issued | Effective for annual periods beginning on or after 1 January 2005 |
| 17 December 2003 | IAS 32 Financial Instruments: Disclosure and Presentation issued | Effective for annual periods beginning on or after 1 January 2005 |