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capital and the concepts of profit because it provides a reference point by which to measure profit, but it is a prerequisite to distinguish between return entity on capital and return, capital and net assets received exceed the amounts needed to maintain the capital can be considered a profit and thus return on equity.

The recent exposure draft for financial liabilities
This exposure draft is part of the overall project of the IASB to replace IAS 39 in its entirety. ED 196 proposals about how gains and losses on liabilities attributable to the fair value option should be reflected in the income statement. The exposure draft indicates that changes in the credit risk of a liability would not affect profit or loss unless it is advertised as being busy trading. A standard is expected to be released in the second quarter of 2011.

In Contrast: Exposure Draft
Recognition and measurement determines the conditions for recognition and measurement of financial assets and financial liabilities and some contracts to buy or sell non-financial items.

Many users of financial statements and other interested persons to the Council that the requirement in IAS 39 is difficult to understand, apply and interpret, and urged the Council to a new level of financial reporting for financial instruments that are principle-based and less complex to develop.

Since 2005, the IASB and the U. S. Financial Accounting Standards Board (FASB) has a long-term goal to improve and simplify reporting for financial instruments. This work led to the publication of a discussion paper, reducing complexity in reporting financial instruments, in March 2008.

In April 2009, in response to data obtained in their work in response to financial crisis, and after G20 leaders conclusions and recommendations of international organizations like the Financial Stability Council, boards announced an accelerated timetable to replace financial instruments their respective standards.

The efforts of the boards' to create a common financial instruments and improved standard are complicated by the establishment of various project schedules to respond to their different parties in light of the financial crisis reached.

In July 2009 the IASB issued an exposure draft contains proposals for the classification and measurement for all items within the scope of IAS 39. In this exposure draft, the Council also stressed the discussion paper IASB measure credit risk liability in June 2009 was published.

In their response to exposure draft and discussion paper, many expressed concern about the recognition of gain or loss from the effects of changes in credit risk of financial obligations.

During its deliberations leading to the exposure draft, the Council discussed various approaches to dealing with the effects of changes in the credit risk of liabilities. Based on feedback received from the Financial Instruments Working Group and users, regulators, preparers, auditors and others, the Board decided that none of these methods will be less complex or result in more useful information than IAS 39 requirements. As a result, the Board decided to retain the existing requirements for the classification and measurement of financial liabilities, except for certain requirements about fair value option. On the question of credit risk, this ex