IASB issues revised standards for financial instruments

The International Accounting Standards Board (IASB) has issued revised versions of two standards, IAS 32 and IAS 39, which deal with the use of financial instruments.

IAS 32 deals specifically with the disclosure of financial instruments, and IAS 39 with their measurement, and the revisions are designed to ensure that derivatives positions are reported at ‘fair value' rather than at 'cost value', which the IASB says hides the implications of financial instruments on the balance sheet.

The IASB added that it did not reconsider the fundamental approaches in the original standards for fear of delaying them. Rather, it was believed that the improvements

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