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On 3 November 2021, at COP26, the IFRS Foundation Trustees announced the creation of the International Sustainability Standards Board (ISSB).
The ISSB will deliver a global baseline of sustainability disclosures to meet capital market needs.
Applying IFRIC 19, if a debtor issues equity instruments to a creditor to extinguish all or part of a financial liability, the debtor derecognises the financial liability fully or partly. The debtor measures the equity instruments issued to the creditor at their fair value (or, if fair value is not reliably determinable, at the fair value of the liability extinguished). The debtor recognises in profit or loss any difference between the carrying amount of the financial liability (or part) extinguished and the measurement of the equity instruments issued.
In November 2009 the International Accounting Standards Board issued IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments. It was developed by the Interpretations Committee.
Other Standards have made minor consequential amendments to IFRIC 19. They include IFRS 13 Fair Value Measurement (issued May 2011), IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39) (issued November 2013), IFRS 9 Financial Instruments (issued July 2014) and Amendments to References to the Conceptual Framework in IFRS Standards (issued March 2018).
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