The International Accounting Standards Board (IASB) issued today amendments to IFRS 9 Financial Instruments that defer the mandatory effective date from 1 January 2013 to 1 January 2015. The deferral will make it possible for all phases of the project to have the same mandatory effective date.
The amendments also provide relief from the requirement to restate comparative financial statements for the effect of applying IFRS 9. This relief was originally only available to companies that chose to apply IFRS 9 prior to 2012. Instead, additional transition disclosures will be required to help investors understand the effect that the initial application of IFRS 9 has on the classification and measurement of financial instruments.
Early application of IFRS 9 is still permitted.
- Mark Byatt, Director of Communications and External Affairs, IFRS Foundation
Telephone: +44 (0)20 7246 6472
- Chris Welsh, Communications Manager, IFRS Foundation
Telephone: +44 (0)20 7246 6495
- Katherine Cancro, Assistant Technical Manager, IASB
Telephone: +44 (0)20 7246 6928