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Exposure Draft [February 2013]


 

Exposure Draft and Comment letters


On 28 February 2013, the International Accounting Standards Board (IASB) published for public comment an Exposure Draft of proposed amendments to IAS 39 Financial Instruments: Recognition and Measurement. Corresponding requirements are proposed to be included in the forthcoming hedge accounting chapter in IFRS 9 Financial Instruments.

The objective of the proposed amendments is to introduce a narrow scope exception to the requirement for the discontinuation of hedge accounting in IAS 39.  Specifically, they propose an exception when a derivative that has been designated as a hedging instrument, is novated from one counterparty to a central counterparty (CCP), as a consequence of new laws or regulations if specific conditions are met (in this context, novation of the derivative contract is the substitution of the original counterparty to the contract for a new counterparty, being a CCP).

The IASB considered the fact that the legislative changes that would require such novation of derivatives would be widespread across jurisdictions.  These legislative changes were prompted by a G20 commitment to improve transparency and regulatory oversight of over-the-counter derivatives in an internationally consistent and non-discriminatory way.

The IASB is aware that these new laws or regulations could come into effect in some jurisdictions very soon.  Consequently the IASB has published this Exposure Draft with a short (30-day) comment period.

Comment letter deadline

 

The draft review commenting period closed on 2 April 2013.

View the comment letters.

 

 

Due process documents
Exposure Draft: Financial Instruments: Recognition and Measurement (Proposed amendments to IAS 39 and IFRS 9) [PDF]
公開草案: デリバティブの契約更改とヘッジ会計の継続(IAS第39号及びIFRS第9号の修正案)  (Japanese) [PDF]
コメント募集期限:2013年4月2日
Exposé-sondage: Novation de dérivés et maintien de la comptabilité de couverture (projet de modification d’IAS 39 et d’IFRS 9) (French) [PDF]