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Letter to IASB on amendments to classification and measurement of financial instruments

August 30, 2023

July 19, 2023
 
Andreas Barckow
Chair, International Accounting Standards Board 
Columbus Building
7 Westferry Circus
Canary Wharf
London, United Kingdom
E14 4HD
 
Sent via email to [email protected]
 
Exposure Draft - Amendments to the Classification and Measurement of Financial Instruments Proposed amendments to IFRS 9 and IFRS 7
 
Dear Mr. Barckow:
 
The Virginia Society of CPAs (VSCPA) Accounting & Auditing Advisory Committee (Committee) has reviewed the Exposure Draft (ED) - Amendments to the Classification and Measurement of Financial Instruments, Proposed amendments to IFRS 9 and IFRS 7, issued by the International Accounting Standards Board (IASB). The VSCPA is the leading professional association in Virginia dedicated to enhancing the success of all CPAs and their profession by communicating information and vision, promoting professionalism, and advocating members’ interests. The VSCPA membership consists of nearly 13,000 individual members who actively work in public accounting, private industry, government, and education.
 
Overall, there are several proposed amendments with which we disagree or believe that the proposal requires additional clarifications or adjustments to avoid possible unintended consequences. These are discussed in the attached Annex A – Detail Responses to Questions.
 
The VSCPA appreciates the opportunity to respond to this ED. Please direct any questions or concerns to VSCPA Vice President, Advocacy Emily Walker, CAE, at [email protected] or (804) 612- 9428. 
 
Sincerely,
 
Zach Borgerding, CPA 
Chair 2023-2024 
VSCPA Accounting & Auditing Advisory Committee  
 
VSCPA Accounting & Auditing Advisory Committee 2023-2024 
Zach Borgerding, CPA — Chair
Michael Phillips, CPA — Vice Chair
David Allen, CPA 
Scott Davis, CPA 
Obed Irfan, CPA 
Joshua Keene, CPA 
Nick Kinsler, CPA 
Daniel Martin, CPA
Brian Minor, CPA 
Elisa Obillo, CPA
Krisia Raya, CPA 
Charles Valadez, CPA 
Natalya Yashina, CPA