The Irish Funds Industry Association (IFIA)'s Technical Committee issued a paper on The Requirements for Offsetting Financial Assets and Liabilities. This will assist those preparing financial statements review their current systems and netting arrangements, to evaluate the impact the new disclosures may have on their current processes, and internal controls that are in place to track, gather and analyse the information needed to comply with the new disclosure requirements. This follows amendments to IFRS 7 and IAS 32 and the Financial Accounting Standards Board’s update ASU 2011-11.