From: Desmond Wright [Desmond.Wright@icaew.co.uk] Sent: Wednesday, October 04, 2006 12:09 PM To: Svetlana Pereverzeva Subject: RE: Financial instruments puttable at fair value Svetlana Thank you for your email. We very much appreciate the opportunity to engage. We oppose the proposed amendments, and I do not think we would support them even if the scope was widened to give relief to relevant entities in European countries, because they are unprincipled and will lead to inconsistent and anomalous reporting. Having said that, we accept that EFRAG's proposal to widen the scope is a fall-back position that could benefit European constituents, and as such we do not object to the content of your draft letter. But we are very clear that we do not see widening the scope as the solution. It will still not be a principles-based amendment and the anomalous accounting would remain. Furthermore, all such a widening of the scope will do is to confirm the view that this is merely a means of presenting a liability in equity. It will not mean that these instruments will be considered true equity and the onerous disclosure requirements will not be removed. Please do get back to me if I can be of any further help. Regards Des -----Original Message----- From: Svetlana Pereverzeva [mailto:Svetlana.Pereverzeva@EFRAG.ORG] Sent: 03 October 2006 15:44 To: Desmond Wright Subject: Financial instruments puttable at fair value Dear Desmond, Thank you very much for the comment letter. I appreciate the fact that you are still finalising your detailed views on the ED but I need to finalise analysis of the comments received by the end of tomorrow and therefore would like to clarify one point. You wrote to us that you are generally content with EFRAG's draft letter and then state that you do not support the amendments proposed by the IASB. EFRAG's letter, states that EFRAG disagrees with this ED BUT if notwithstanding our arguments the amendments are implemented EFRAG suggested widening the scope to address similar issues of the European constituents. Do you agree with the comments after BUT? Thank you very much in advance. Kind regards, Svetlana. -----Original Message----- From: Desmond Wright [mailto:Desmond.Wright@icaew.co.uk] Posted At: Monday, October 02, 2006 11:31 AM Posted To: Puttable instruments Conversation: Financial instruments puttable at fair value Subject: Financial instruments puttable at fair value Dear Sir I attach the comments of the Institute of Chartered Accountants in England and Wales on EFRAG's draft letter about the proposed amendments to IAS 32 Yours faithfully Desmond Wright ************************************************************************ ********************** The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this in error, please contact the sender at Institute of Chartered Accountants in England & Wales, Chartered Accountants Hall, PO BOX 433, Moorgate Place, London, EC2P 2BJ or by using the reply option to this e-mail, and delete the material from any computer. ************************************************************************ *********************** ________________________________________________________________________ This e-mail has been scanned for all viruses by Star. The service is powered by MessageLabs. For more information on a proactive anti-virus service working around the clock, around the globe, visit: http://www.star.net.uk ________________________________________________________________________ ________________________________________________________________________ This e-mail has been scanned for all viruses by Star. The service is powered by MessageLabs. For more information on a proactive anti-virus service working around the clock, around the globe, visit: http://www.star.net.uk ________________________________________________________________________ ________________________________________________________________________ This e-mail has been scanned for all viruses by Star. The service is powered by MessageLabs. For more information on a proactive anti-virus service working around the clock, around the globe, visit: http://www.star.net.uk ________________________________________________________________________