Summary of January EFRAG Technical Experts Group discussions
18 February 2010
EFRAG has finalised its endorsement advice to the EC on IASB's Amendments to IAS 24 Related Party Disclosures. It comprises IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments and IASB Amendment to IFRIC 14 Prepayment of a Minimum Funding Requirement.
EFRAG has finalised its endorsement advice to the European Commission on the following:
· IASB Amendments to IAS 24 Related Party Disclosures
· IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments
· IASB Amendment to IFRIC 14 Prepayment of a Minimum Funding Requirement
· IASB Amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters.
IASB project Hedge Accounting:
EFRAG continued discussing the IASB’s Phase III of IAS 39 Replacement Project: Hedge Accounting. It considered the IASB’s tentative decisions to date in respect of the project timeline, the objective of hedge accounting and the eligibility for hedge accounting of risk components of a hedged item.
EFRAG noted that it was critical from a European perspective to find a solution to portfolio hedge accounting. EFRAG will continue researching hedge accounting issues in the European context and will monitor the work of the IASB and other organisations and companies on this issue.
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