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IAS 39 Amendments - Financial Instruments: Recognition and Measurement: Phase 1 (incl. Carve Out)


The IASB's main objectives with regard to improving IAS 39 were a limited revision to amend requirements or provide additional guidance on selected matters, including derecognition, the provision of an option to measure any financial asset or financial liability at fair value, the recognition and measurement of impairment, the determination of fair value, and certain aspects of hedge accounting.

Five EFRAG members support endorsement of IAS 39 in its present form but six members oppose endorsement. EFRAG could not recommend non-endorsement of a standard unless there is a two third's majority vote against the standard and EFRAG does not support endorsement unless there is majority in favour.

Subsequently, a carved out version had been endorsed.

EFRAG published its endorsement advice on 7 August 2004.

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