IASB amends financial instruments standards

11/6/2008 | Financial Week

The International Accounting Standards Board amended IAS 39 and IFRS 7 to permit the reclassification of certain financial instruments in rare circumstances. The deterioration of the world's financial markets is viewed as a possible rare circumstance that would permit reclassification under the amended standards. The amendments more closely align the international standards with U.S. generally accepted accounting principles.

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