This exposure draft is part of the IASB’s overall project to replace IAS 39 in its entirety. ED 196 contains proposals for how gains and losses on liabilities designated under the fair value option should be presented in the statement of comprehensive income. The ED notes that changes in the credit risk of a liability will not affect profit or loss unless it is classified as held for trading. A standard is expected to be issued in the second quarter of 2011.


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Rob Mackay
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rmackay@moorestephens.com.au

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