The Institute of Chartered Accountants in Australia, CPA Australia Limited and the National Institute of Accountants (the Joint Accounting Bodies) have jointly lodged a submission to the International Accounting Standards Board (IASB) and Australian Accounting Standards Board (AASB) on the proposed amendments to IFRS 7. We generally support the majority of the proposals as they will provide more relevant and reliable information about fair value and liquidity risk to the users of the financial statements, however we have made additional comments in relation to reducing the burden on entities. 
 
Download the submissions to the AASB (PDF) and IASB (PDF).