Global Standards for the world economy

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IASB meeting summaries and observer notes

 IASB 5 May 2009


The International Accounting Standards Board (IASB) met for an additional Board meeting on 5 May 2009 to discuss its project to replace IAS 39 Financial Instruments: Recognition and Measurement.

In particular the Board discussed a possible remeasurement method based on discounted cash flows. This was an educational session and no decisions were made.

The additional Board meeting followed a tentative decision taken by the IASB and the US Financial Accounting Standards Board (FASB) at their joint meeting in March this year to consider three possible measurement methods for financial instruments:

  • fair value - defined as an exit price in SFAS 157 Fair Value Measurements and in the forthcoming IAS exposure draft on fair value measurement;
  • another remeasurement method, proposed by some FASB members, based on discounted cash flows; and
  • amortised cost, (including an impairment approach for financial assets).

At that meeting the boards noted their aim of proposing, in a future exposure draft, an accounting model for financial instruments that uses two of the three methods described above.

To view the materials used for the session and to listen to the audio webcast of the meeting, click here.

Visit the project websitefor more information.

To learn more about the IASB�s response to the financial crisis, click here.

Date: 5/5/2009