The International Accounting Standards Board (IASB) is moving rapidly to replace IAS39 with a significantly different standard during 2010. Exposure drafts are coming out in stages during 2009 with the first on classification and measurement published in mid July. http://www.iasb.org.
The ACT, in its September 2009 response to the IASB, has welcomed the proposal to move to just two categories of classification for financial instruments but has expressed concern over some of the consequences in respect of embedded derivatives, reclassification and the valuation of equity investments.
PwC and the ACT have produced a webcast that giving an explanation of the proposals on classification and measurement and the implications for treasurers. The webcast features Yann Umbricht, Corporate Treasury Leader, PwC UK and Sandra Thompson, Technical Partner, PwC, leading into questions from Stuart Siddall, Chief Executive, ACT, and a general discussion. Lasting approximately 20 minutes, it is available from 10 August, 2009 here: www.pwc.co.uk/eng/issues/act_pwc_webcast_ias39
For a more general and highly practical update on what is happening in the world of treasury related financial accounting and reporting the ACT is running a half day conference on 25th November 2009, Programme available here.