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New IFRS accounting requirements issued

Friday 29 October 2010 - by Will Henley

New requirements for financial liabilities have been issued by the International Accounting Standards Board.

As part of its international IFRS 9 accounting standard, the requirements cover problems of volatility in profit or loss where an issuer measures its own debt at “fair value”, the board said in a statement.

“The new additions to IFRS 9 address the counter-intuitive way a company in severe financial trouble can book a large profit based on its theoretical ability to buy back its own debt at a reduced cost,” said David Tweedie, chairman of the IASB.

IFRS 9 applies to financial statements for annual periods beginning on or after 1 January 2013.



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