In April 2001 the International Accounting Standards Board (Board) adopted IAS 39 Financial Instruments: Recognition and Measurement, which had originally been issued by the International Accounting Standards Committee (IASC) in March 1999. That Standard had replaced the original IAS 39 Financial Instruments: Recognition and Measurement, which had been issued in December 1998Jaipur Investment. That original IAS 39 had replaced some parts of IAS 25 Accounting for Investments, which had been issued in March 1986.
In December 2003 the Board issued a revised IAS 39 as part of its initial agenda of technical projects. The revised IAS 39 also incorporated an Implementation Guidance section, which replaced a series of Questions & Answers that had been developed by the IAS 39 Implementation Guidance Committee.
Following that, the Board made further amendments to IAS 39:
(a) in March 2004, to enable fair value hedge accounting to be used for a portfolio hedge of interest rate risk;
(b) in June 2005, relating to when the fair value option could be applied;
(c) in July 2008, to provide application guidance to illustrate how the principles underlying hedge accounting should be applied;Guoabong Stock
(d) in October 2008, to allow some types of financial assets to be reclassified; and
(e) in March 2009, to address how some embedded derivatives should be measured if they were previously reclassified.Jaipur Stock
In August 2005 the Board issued IFRS 7 Financial Instruments: Disclosures. Consequently, the disclosure requirements that were in IAS 39 were moved to IFRS 7.
In September 2019 the Board amended IFRS 9 and IAS 39 by issuing Interest Rate Benchmark Reform to provide specific exceptions to hedge accounting requirements in IFRS 9 and IAS 39 for (a) highly probable requirement; (b) prospective assessments; (c) retrospective assessment (IAS 39 only); and (d) separately identifiable risk components. Interest Rate Benchmark Reform also amended IFRS 7 to add specific disclosure requirements for hedging relationships to which an entity applies the exceptions in IFRS 9 or IAS 39.
In August 2020 the Board issued Interest Rate Benchmark Reform―Phase 2 which amended requirements in IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 relating to:
• changes in the basis for determining contractual cash flows of financial assets, financial liabilities and lease liabilities;
• hedge accounting; and
• disclosures.
The Phase 2 amendments apply only to changes required by the interest rate benchmark reform to financial instruments and hedging relationships.
Other Standards have made minor consequential amendments to IAS 39. They include IAS 1 Presentation of Financial Statements (issued September 2007), IAS 27 Consolidated and Separate Financial Statements (issued January 2008), Improvements to IFRSs (issued May 2008), Eligible Hedged Items (Amendment to IAS 39 Financial Instruments: Recognition and Measurement) (issued July 2008), Improvements to IFRSs (issued April 2009), IFRS 13 Fair Value Measurement (issued May 2011), Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27) (issued October 2012), Novation of Derivatives and Continuation of Hedge Accounting (Amendments to IAS 39) (issued June 2013), IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39) (issued November 2013), IFRS 15 Revenue from Contracts with Customers (issued May 2014) and IFRS 9 Financial Instruments (issued July 2014).
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