UK’s ASB Issues Guidance on the “Carved Out” IAS 39

Following the “carve outs” in the version of IAS 39 ‘Financial Instruments: Recognition and Measurement’ adopted by the European Commission in November, the UK’s Accounting Standards Board (ASB) has issued guidance for entities in the UK and the Republic of Ireland preparing their financial statements in accordance with EU adopted IFRS. The guidance addresses the parts of IAS 39 that have been carved out and the fact that certain items in the Companies Act 1985 or equivalent national legislation continue to apply to the relevant entities. The guidance covers hedge accounting, fair valuing of financial assets and fair valuing of financial liabilities as well as transitional arrangements.


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