The International Accounting Standards Board (IASB) has published this Exposure Draft of proposed amendments to IFRS 9 Financial Instruments (issued October 2010)-referred to as IFRS 9 (2010)-to:

(a)��address specific application questions raised by interested parties;

(b)��take into account the interaction of the classification and measurement model for financial assets with the IASB�s Insurance Contracts project; and

(c)��reduce key differences with the US Financial Accounting Standards Board�s (FASB) tentative classification and measurement model for financial instruments.

This Exposure Draft proposes limited amendments to IFRS 9 (2010) to clarify the existing classification and measurement requirements and to introduce a fair value through other comprehensive income (OCI) measurement category for particular financial assets that contain contractual cash flows that are solely payments of principal and interest. This Exposure Draft also proposes that once all chapters of IFRS 9 are completed and the completed version of IFRS 9 is issued, only that version of IFRS 9 would be available for early application, with one exception.

Invitation to comment

ASB invites comments on the said Exposure Draft from the public. The downloadable version of the Document is available at: http://www.ifrs.org/Current-Projects/IASB-Projects/Financial-Instruments-A-Replacement-of-IAS-39-Financial-Instruments-Recognitio/Limited-modifications-to-IFRS-9/Documents/ED-Classification-and-Measurement-November-2012-bookmarks.pdf

Comments would be most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording.

Comments should be submitted in writing to the Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi-110002, so as to be received not later than February 15, 2013. Comments can also be sent by e-mail at asb@icai.org or edcommentsasb@icai.org.