BC7.26 As noted above, IAS 8 states that retrospective application results in the most useful information to users because the information presented for all periods is comparable. The IASB noted that IFRS 7 already requires disclosure of the amount of the change in fair value that is attributable to changes in the credit risk of the liability. Consequently, entities are already calculating the information necessary to present the effects of changes in liabilities’ credit risk in other comprehensive income. Thus, the 2010 Own Credit Risk Exposure Draft proposed retrospective application and almost all respondents agreed. The IASB confirmed that proposal.
BC7.27 The IASB did not change the classification and measurement approach for financial liabilities, including the eligibility conditions for the fair value option for financial liabilities. Consequently, the proposals in the 2010 Own Credit Risk Exposure Draft did not permit entities to make new designations or revoke its previous d
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