IIF Responds to IASB Exposure Draft on FICE

On March 29, the IIF submitted industry perspectives in response to the International Accounting Standards Board (IASB) consultation on its ""Exposure Draft on Financial Instruments with Characteristics of Equity (FICE) — Proposed amendments to IAS 32, IFRS 7 and IAS 1"".

Overall, the IIF appreciates the IASB’s efforts and focused direction of the project and recognizes it is difficult to set new principles without fundamentally changing existing practices given the intended scope of the project.

The letter provides detailed comments along the five main themes, in order of priority: (1) measurement, (2) classification (3) disclosures, (4) presentation, and (5) transition requirements. If applicable, it refers to the questions outlined in the ED.