CESR thinks that additional disclosures should also be required for financial instruments that are not recognised at fair value, but which were reclassified during the reporting period that is presented.
Among others, CESR thinks that additional disclosures should also be required for financial instruments that are not recognised at fair value, but which were reclassified - using the amendment made to IAS 39 on 13 October 2008 - during the reporting period that is presented.
CESR is also of the view that the fair value hierarchy provides useful information when there are no directly observable quoted market prices, and allows assessing the reliability of the fair value measurements used. CESR therefore refers to the statement on fair value measurement and related disclosures for financial instruments in illiquid markets published on 3 October 2008 which included an example of a tabular form for disclosures.
CESR also supports the permission to apply these amendments prior to 1 July 2009.
Full response
© CESR - Committee of European Securities Regulators
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CESR comments on IASB ED on IFRS7.pdf
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