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IASB Proposes Additional Disclosures for Investments in Debt Instruments Dec. 29, 2008 (SmartPros) The IASB published for public comment proposals to require entities to provide additional disclosures on all investments in debt instruments, other than those classified in the fair value through profit or loss category. The proposals, in the form of proposed amendments to IFRS 7 Financial Instruments: Disclosures, would require an entity to state in tabular form the fair value, amortised cost and amount at which the investments are actually carried in the financial statements. The amendments would also require an entity to also disclose the effect on profit or loss and equity if all debt instruments had been accounted for at fair value or at amortised cost.
The proposed amendments follow discussions with participants in a series of public round-table meetings on the global financial crisis organised by the IASB and the US Financial Accounting Standards Board. The outcome of the round tables was presented to the Board at its meeting this week.
The IASB believes that the proposed disclosures would allow greater comparability between investments in debt instruments held with and by different entities, and so enhance investors’ confidence in the financial markets. The FASB is making similar disclosure proposals.
Commenting on the proposals, Sir David Tweedie, IASB Chairman, said:
The proposals are set out in an exposure draft Investments in Debt Instruments, on which the IASB invites comments by January 15, 2009. The exposure draft is available on the ‘Open for comment’ section on http://www.iasb.org/.
2008 SmartPros. All Rights Reserved.
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