The member associations of the IGTA and Treasurers generally across the world have had a keen interest in the development of the accounting standards for Financial Instruments and have been closely involved in reviewing and commenting publicly on those standards.
Prior to the introduction of these standards it was a concern that the financial statements of companies could be misleading if significant positions in financial instruments were not disclosed in the annual accounts. We therefore have been supporters of new accounting standards that include the principle of recording the fair value of financial instruments in the accounts. Nevertheless IGTA noticed that there exist some important remaining deficiencies in the standards.
The IGTA is delighted to have a representative on the international working group, which is to assist the IASB in its review of the shortcomings of IAS 39. We hope that this group and the IASB will quickly introduce guidance or changes to address the key deficiencies in the standard.
