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.