The International Accounting Standards Board (IASB) has issued Exposure Draft on Post-Implementation Revision to IFRIC Interpretations: Proposed Amendments to IFRIC 9 and IFRIC 16 with the objectives to amend paragraph 5 of IFRIC 9 to exclude from its scope embedded derivatives in contracts acquired in combinations of entities or businesses entities under common control and in the formation of joint ventures and to amend paragraph 14 of IFRIC 16 to remove the restriction on the entity that can hold hedging instruments.
 
Invitation to comments
 
ASB invites comments on the said Draft from the public. The downloadable version of the draft is available at http://www.iasb.org/NR/rdonlyres/F8BCF415-0ED2-4227-B68F-B791F45837CE/0/ED_AmendmentsIFRIC9andIFRIC16_website.pdf. Comments would be most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording.
 
Comments should be submitted in writing to the Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi-110002, so as to be received not later than March 2, 2009. Comments can also be sent by e-mail at tdte@icai.org or edcommentsasb@icai.org.

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