It’s been a long time coming, but corporations may have felt the warm glow of an early Christmas this month. The unlikely source of this Yuletide cheer is the International Accounting Standards Board’s IASB latest IFRS 9 exposure draft, which addresses the rather involved issue of hedge accounting.
IFRS, or international financial reporting standards, are a principle-based financial reporting framework promoted by the IASB, the independent body responsible for establishing a global framework of accounting standards. As proposed, the third phase of IFRS 9, which was issued on December 9 and will become effective from January 1, 2013, will have a dramatic impact on the financial statements of any company which hedges...
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