On February 4, ISDA’s Accounting Committee responded to the International Financial Reporting Standards (IFRS) Interpretations Committee on a fact pattern related to notional cash pooling facilities and the application of the offsetting rules. We do not believe that ‘intention’ as required by IAS 32 implies a certainty in period end balances, but instead an expectation in the net exchange of settlement amounts arising from an asset and liability on a specified date. We believe the tentative agenda decision should be amended to highlight the principles of IAS 32 and should not set out an opinion for this specific fact pattern.