The Institute, CPA Australia and National Institute of Accountants (the Joint Accounting Bodies) have lodged their final submission to the Australian Accounting Standards Board (AASB) and International Accounting Standards Board (IASB) on AASB ED 177 and IASB ED 2009/3 Derecognition (proposed amendments to IAS 39 Financial Instruments: Recognition and Measurement and IFRS 7 Financial Instruments: Disclosure) respectively.  
 
The Joint Accounting Bodies do not support the proposed approach in the ED because:

• It is not an improvement on the current requirements
• It is not being undertaken as a joint project with the Financial Accounting Standards Board in order to deliver a more permanent global solution
• Without a more definitive understanding of other aspects (for example recognition and measurement) of the revision to IAS 39, it is difficult to see how each aspect links in and impacts each other.