8-12-2008 | EFRAG requests comments on its initial assessments of the update to the amendment to IAS 39 & IFRS 7 Reclassification of Financial Assets “Effective Date and Transition” against the EU endorsement criteria

EFRAG is today issuing an Invitation to Comment relating to the endorsement for use in the EU of the update to the amendment to IAS 39 Financial Instruments: Recognition and Measurement—Reclassification of Financial Assets “Effective Date and Transition”. It is consulting both on its assessment of the updated amendment against the EU endorsement criteria and on its initial assessment of the costs and benefits that would arise from the implementation of the updated amendment in the EU. Comments are requested by 8 January 2009.
	The update formalises the clarification that the IASB issued on 24 October of the effective date and transition requirements of the amendment to IAS 39 “Reclassification of Financial Assets”, which was issued on 13 October 2008.   EFRAG’s initial assessment is that the updated amendment meets the criteria for EU endorsement and that the benefits that will arise from its implementation in the EU are likely to exceed the costs incurred in implementing it.
Document : EFRAGs Invitation to Comment on Amendment to IAS 39 Effective Date and Transition.doc
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