The International Accounting Standards Board (IASB)
published three exposure drafts (EDs) in April (
www.iasb.org/current/ed.asp ). Amendments to IAS 39
Financial Instruments: Recognition and Measurement—The Fair Value
Option proposes restricting that valuation to financial assets
and liabilities in any of five specific categories and with a
verifiable fair value; comments are due July 21. Combinations by
Contract Alone or Involving Mutual Entities proposes removing
the scope exclusion in IFRS 3, Business Combinations, for
situations that involve two or more mutual entities or in which—to
form a reporting entity—separate organizations are brought together by
contract alone without either obtaining an ownership interest.
Amendments to IAS 19 Employee Benefits—Actuarial Gains and
Losses, Group Plans and Disclosures proposes giving entities
the option of showing pension deficits and surpluses in detail.
Approval of the ED would enable companies already doing so—by
recognizing the plan’s surplus or deficit as of the balance sheet date
and providing the best estimate of the plan’s gains and costs in the
income statements—to continue this practice. Comments on these two EDs
are due July 31.
The International Financial Reporting Interpretations
Committee (IFRIC) of the IASB issued a draft interpretation, D6
Multi-employer Plans, for employee benefit plans in which
more than one employer participates (
www.iasb.org/current/ifricdrafts.asp ). The proposed guidance
describes how defined benefit accounting should be applied to such
plans. Comments are due July 9.
