Please note that International Public Sector Accounting Standard (IPSAS) 15, Financial Instruments: Presentation and Disclosure was issued in December 2001 and represented best practice at that time. However, readers should be aware that the International Public Sector Accounting Standards Board(IPSASB) has issued Exposure Draft (ED) 37, Financial Instruments: Presentation; ED 38, Financial Instruments: Recognition and Measurement; and ED 39, Financial Instruments: Disclosure, which propose new IPSASs addressing financial instruments and the withdrawal of IPSAS 15. The IPSASB anticipates approving IPSASs based on these EDs by December 31, 2009. Public sector entities preparing to issue their first IPSAS-based financial statements should take these developments into account as they develop their accounting policies and plan their financial reporting cycle.