FRSC Adopts Clarification on Effective Date of Reclassification Amendment for Financial Assets
The Financial Reporting Standards Council (FRSC) approved the adoption of an updated version of the recent reclassification amendments to PAS 39, Financial Instruments: Recognition and Measurement, and PFRS 7, Financial Instruments: Disclosures, (approved for adoption on October 29, 2008 with immediate effect) to clarify the effective date of the amendments.
Following publication of the amendments, and in response to requests, the International Accounting Standards Board (IASB) subsequently clarified the effective date requirements at its meeting in October.