Currently – Financial instruments are valued at mark-to-market ie. the price they would fetch if sold on the open market now.
To be adopted soon – They would be valued at historical cost if such financial instruments were to be held to maturity.
Who has adopted the change already?
Hong Kong, Taiwan and Europe. Quite a significant number already.
When is Singapore’s ASC expected to give their blessing?
By end of the week.
Accounting with Edgar 
Source – Today, Oct. 31, 2008ASC formally adopted the change Oct 30,2008 (conveniently before month end).The change is applicable retrospectively to the accounts from July this year ie. companies with quarterly reporting requirement / year end can redo their accounts… reversing huge writedowns by a simple reclassification of investment assets.More fees for the auditors? đŸ™‚