IASB proposes improvements to financial instruments accounting

The International Accounting Standards Board (IASB) has published for public comment an exposure draft of proposals to improve financial instrument accounting. The proposals address how financial instruments are classified and measured. It is anticipated that they will significantly reduce complexity and make it easier for investors to understand financial statements. The IASB plans to finalize the classification and measurement proposals in time for non-mandatory application in 2009 year-end financial statements. (Read the IASB Press Release.)