ought to do it.

HTH

Alison

"We recommend that the next step in the process of moving to fair value accounting for
financial instruments be accomplished by amending IAS 39 to eliminate the use of amortized
cost for originated loans, held-to-maturity financial assets and financial liabilities. Enterprises
would have a choice of recognizing changes in fair value in equity or in the income statement,
except that there should be no choice for financial instruments held for trading. Enterprises
would continue to be permitted to use hedge accounting."

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Note added at 12 mins (2005-12-05 14:53:04 GMT)
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here's a better reference:

"During its redeliberations, the IFRIC considered but rejected alternative
interpretations offered by respondents. It concluded that D1 was the only
interpretation of IFRSs (even though it had precluded the use of one of the
options in IAS 20). Nonetheless, the IFRIC was troubled by the effects in
profit or loss of the mixed measurements of the standards that it was
interpreting (ie allowances under IAS 38 at cost, emission obligations at a
current value under IAS 37) and mixed reporting (ie changes in the value of
allowances measured at fair value in equity, changes in the value of emission
obligation in profit or loss)."
http://www.iasb.org/uploaded_files/documents/8_1134_0509ob08...