New financial instruments standard

The IASB has just published a new standard as part of its project to update IAS 39 on the measurement of financial instruments. Accountancy Age (see title link) refers to this as a 'fair value' standard which is confusing as there is another ongoing project to redefine what is meant by 'fair value'. The IASB's press release about the new financial instrument standard is here. At first sight this looks like a considerable reversal of the trend towards fair value for everything but the Europeans are still suspicious that it might lead to an increase in use of fair value rather than the reverse.