In November 2009 the International Accounting Standards Board issued IFRS 9,
Financial Instruments, which is not yet endorsed in the EU. This standard will eventually replace existing IAS 39,
Financial Instruments: Recognition and Measurement. Replacement is planned in three phases. Phase I, dealing with the classification and measurement of financial assets, will be completed by adding the classification and measurement of financial liabilities to IFRS 9. Phase II will include impairment requirements, and Phase III will cover hedging. As each phase is completed, the relevant portions of IAS 39 will be deleted. There are plans to complete the project by the end of 2010.
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