BCZ3.6 Many respondents to the exposure draft agreed that there were inconsistencies in the existing derecognition requirements in IAS 39. However, there was limited support for the proposed continuing involvement approach. Respondents expressed conceptual and practical concerns, including:
(a) any benefits of the proposed changes did not outweigh the burden of adopting a different approach that had its own set of (as yet unidentified and unsolved) problems;
(b) the proposed approach was a fundamental change from that in the original IAS 39;
(c) the proposal did not achieve convergence with US GAAP;
(d) the proposal was untested; and
(e) the proposal was not consistent with the Framework for the Preparation and Presentation of Financial Statements.
BCZ3.7 Many respondents expressed the view that the basic approach in the original IAS 39 should be retained and the inconsistencies removed. The reasons included: (a) the existing IAS 39 had proven to be reasonable in concept and operationa
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