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Final stage

On 16 December 2011, the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) issued Disclosures—Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7). The new requirements have an effective date of 1 January 2013.

These common disclosure requirements are intended to help investors and other users to better assess the effect or potential effect of offsetting arrangements on a company's financial position.

As part of this project the IASB also clarified aspects of IAS 32 Financial Instruments: Presentation. The amendments address inconsistencies in current practice when applying the requirements.