The process of applying IAS 39 across the complexity of business has thrown up some surprises. For many, this challenge is only just beginning as they embed IFRS-based numbers in their internal management and reporting processes, rather than creating them as an ‘add-on’ exercise carried out by head office at the end of the reporting chain. The challenge is compounded by the fact that IAS 39 has changed significantly in recent years and continues to change. In addition, it is only as IAS 39 is applied widely in practice that certain issues have come to light. Some of these application issues will be addressed formally by the IFRIC. In some cases, companies that thought they.
