On 13 October 2008, the IASB agreed to amend IAS 39, 'Financial instruments: Recognition and measurement', to allow the reclassification of certain financial assets previously classified as 'held for trading' or 'available for sale' to another category under limited circumstances.
Various disclosures are required where a reclassification has been made. Derivatives and assets designated as 'at fair value through profit or loss' under the fair value option are not eligible for this reclassification. Given the urgency of the issue, due process has been suspended and there will be no comment period. The amendment has an effective date of 1 July 2008.
Source URL: http://www.iasb.org/News/Press+Releases/IASB+amendments+permit+reclassification+of+financial+instruments.htm
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