Improved disclosure requirements issued in October 2010 (paras. BC3.30 - BC3.31)
BC3.30 In March 2009 the IASB published an Exposure Draft Derecognition (Proposed amendments to IAS 39 and IFRS 7) (the ‘2009 Derecognition Exposure Draft’). In June 2009 the IASB held public round tables in North America, Asia and Europe to discuss the proposals in the 2009 Derecognition Exposure Draft. In addition to the round tables, the IASB undertook an extensive outreach programme with users, preparers, regulators, auditors, trade associations and others.
BC3.31 However, in June 2010 the IASB revised its strategy and work plan. The IASB and the US Financial Accounting Standards Board (FASB) decided that their near-term priority should be to increase the transparency and comparability of their standards by improving and aligning US GAAP and IFRS disclosure requirements for financial assets transferred to another entity. The boards also decided to conduct additional research and analysis, including a post- implementation review of the FASB’s recently amended requirements, as a basis for assessing the nature and direction of any further efforts to improve or align IFRS and US GAAP. As a result, the IASB finalised the disclosure requirements that were included in the 2009 Derecognition Exposure Draft with a view to aligning the disclosure requirements in IFRS with US GAAP requirements for transfers of financial assets. Those disclosure requirements were issued in October 2010 as an amendment to IFRS 7. In October 2010 the requirements in IAS 39 for derecognition of financial assets and financial liabilities were carried forward unchanged to IFRS 9.