Saturday 08 March 2014
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Subsequent to this project the IASB decided that a mandatory date of 1 January 2015 would not allow sufficient time for entities to prepare to apply the new Standard because the impairment phase of the IFRS 9 project has not yet been completed. Accordingly, the IASB decided that a new date should be decided upon when the entire IFRS 9 project is closer to completion. The amendments made to IFRS 9 in November 2013 remove the mandatory effective date from IFRS 9. However, entities may still choose to apply IFRS 9 immediately.
This project has now been completed. However, as part of the Limited Amendments to IFRS 9 project, on 24 July 2013 the IASB tentatively decided to defer the mandatory effective date of IFRS 9 and that the mandatory effective date should be left open pending the finalisation of the impairment and classification and measurement requirements. IFRS 9 would still be available for early application. More information is available Financial Instruments—Phase I: Classification and Measurement project page.
On 16 December 2011 the IASB issued Mandatory Effective Date of IFRS 9 and Transition Disclosures, which amends IFRS 9 to require application for annual periods beginning on or after 1 January 2015, rather than 1 January 2013. Early application of IFRS 9 is still permitted. IFRS 9 is also amended so that it does not require the restatement of comparative-period financial statements for the initial application of the classification and measurement requirements of IFRS 9, but instead requires modified disclosures on transition to IFRS 9.
The issue of these amendments project resulted from the Board’s redeliberations on the exposure draft issued on 4 August 2011, which proposed to change the mandatory effective date of IFRS 9 so that entities would be required to apply it for annual periods beginning on or after 1 January 2015 rather than for annual periods beginning on or after 1 January 2013 as was required at the time. The exposure draft did not propose any changes to early application, so that early application would continue to be permitted. The comment period closed on 21 October 2011.
For information on the overall project to replace IAS 39, which has resulted in the issue of IFRS 9, please click here.
19 November 2013 The IASB published IFRS 9 Financial Instruments (2013)
16 December 2011 The IASB issued the final amendments Mandatory Effective Date of IFRS 9 and Transition Disclosures (Amendments to IFRS 9 (2009), IFRS 9 (2010) and IFRS 7). Click here to read the press release for the issue of these amendments.
4 August 2011 The IASB published for public comment an exposure draft proposing to change the mandatory effective date of IFRS 9. Click here to download the exposure draft.
15 November 2011
In this meeting, the IASB discussed the effective date for the modified disclosures.
Read the full meeting updates and all previous updates and observer notes for this project.
Click here to listen to the IASB meeting audio playback.
No further discussions are planned.
Page last updated: 21 December 2011
Senior Director, Technical Activities
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