ASB Proposes Extension of FRS 26 on Financial Instruments

The Accounting Standards Board (ASB) has today issued an exposure draft proposing amendments to its existing standard FRS 26 (IAS 39) ‘Financial Instruments: Measurement’. The proposed changes will:

extend the scope of the standard to include all entities other than those applying the Financial Reporting Standard for Smaller Entities (FRSSE); and

implement the recognition and derecognition material in the international financial reporting standard IAS 39 ‘Financial Instruments: Recognition and Measurement’.

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