28 October 2004
Mr David Boymal
Chairman
Australian Accounting Standards Board
PO Box 204
COLLINS STREET WEST VIC 8007
Dear David
ED 137 Financial Instruments - Disclosures
The G100 believes that the AASB should adopt the international standard resulting from this project as part of a continuing commitment to reap the benefits of implementing the FRC’s Year 2005 strategy. Accordingly, the existence of differences between Australian and IASB Standards should be avoided if comparability is to be achieved.
| a. |
The proposal that the application section of the proposed Standard arising from ED 137 replicate the parent relief in AASB 130 and AASB 132. The G100 supports this proposal to provide relief in respect of the parent entity. |
| b. |
The proposal that paragraphs AASB 130.Aus17.1 & 17.2 and Aus49.1 & 49.2 should not form part of the proposed Standard arising from ED 137. Agree. |
| c. |
The proposal that paragraphs AASB 130.Aus30.1 and Aus55.1 & 55.2 should not form part of the proposed Standard arising from ED 137. Agree. |
| d. |
The proposal that paragraph AASB 132.Aus94.1 should form part of the proposed Standard arising from ED 137. Disagree. The G100 believes that the requirements of the IASB Standard should be adopted. |
A copy of the G100 submission to the IASB is attached.
Yours sincerely
John V Stanhope
National President
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