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ICAI - Exposure Draft on Fair Value Option for Financial Liabilities
June, 28th 2010

Exposure Draft on Fair Value Option for Financial Liabilities

Many users of financial statements and other interested parties have urged the International Accounting Standards Board (IASB) to develop a new standard of financial reporting for financial instruments that is principle-based and less complex, because requirements in existing IAS 39 are difficult to understand, apply and interpret. As a result, in July 2009 the IASB published an exposure draft Financial Instruments: Classification and Measurement, followed by IFRS 9 Financial Instruments in November 2009.

This Exposure Draft proposes changes to the fair value option (FVO) for financial liabilities. The proposals aim to ensure that changes in the credit risk of liabilities that an entity chooses to measure at fair value will not cause volatility in profit or loss. Therefore, the proposals will affect only those entities that choose to apply the FVO to their financial liabilities.

Invitation to comments
ASB invites comments on the Exposure Draft from the public. The downloadable version of the draft is available at 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 July 10, 2010. Comments can also be sent by e-mail at or

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