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IAS 39 and IFRS 7 Amendments: Reclassification of Financial Instruments


The Amendments introduce the possibility of reclassifications of financial instruments in certain circumstances. The IASB issued these Amendments without following its normal due process because of the urgency with which it was requested to act in the light of market conditions after consulations with its Trustees. Due to the extraordinary circumstances EFRAG received a permission from its Supervisory Board to deviate from normal due process procedures too and therefore issued its endorsement advice to the EU Commission without public consultations.

EFRAG published its endorsement advice on 14 October 2008.

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