This information sheet sets out a draft UITF Abstract 'Hedges of a Net Investment in a Foreign Operation', which is based on draft Interpretation D22 issued by the IFRIC.  It provides a consensus on what constitutes a hedged risk when hedging the exposure from a net investment in a foreign operation and the location of the hedging instrument within the group.

Comments should be received no later than 31 October 2007. Due to the postal strikes during early October the ASB has extended the deadline for replies to the UITF Abstract to Friday 9 November 2007. Please see the attached letter.