Responses to IASB Documents for Comment

IFRS 7 Financial Instruments: Disclosures

Exposure Draft – Measurement Uncertainty Analysis Disclosure for Fair Value Measurements (Limited re-exposure of proposed disclosure) – June 2010

On September 7, 2010, AcSB staff submitted a comment letter responding to the IASB’s Exposure Draft. The letter supports the IASB’s proposal that an entity should take into account and disclose the effect of interdependent relationships between unobservable inputs if such interdependencies are relevant when estimating the effect on a fair value measurement of a change in more than one unobservable input. The letter recommends that an entity should be required to consider interdependent relationships commonly used by market participants. The AcSB staff letter posted by the IASB is available here.

Exposure Draft – Derecognition (Proposed amendments to IAS 39 and IFRS 7) – March 2009

On July 31, 2009, AcSB staff submitted a comment letter responding to the IASB’s Exposure Draft. The letter does not support the proposals because they are not considered an improvement over the existing provisions in IAS 39. The letter does support the “alternative view” summarized in the accompanying Basis for Conclusions, with some concerns to be resolved. The AcSB staff letter posted by the IASB is available here.