Limited modifications to IFRS 9
Project milestones
About the project
IFRS 9 Financial Instruments was published in November 2009 containing requirements for the accounting for financial assets, with requirements for financial liabilities being published in October 2010. On 15 November 2011, the Board tentatively decided to consider making limited modifications to IFRS 9 on an expedited basis. Read more
The Board decided to consider making limited modifications to IFRS 9 for three primary reasons:
Specific application issues - The Board has received feedback from constituents that have early adopted or already prepared to adopt IFRS 9 raising application issues related to the classification of specific instruments. The Board believes that IFRS 9 is fundamentally sound and operational and many of these issues can be addressed by clarifying the application guidance supporting IFRS 9.
Interaction with insurance project - The Board has consistently stated that the interaction between IFRS 9 and the insurance contracts project will be considered once the insurance contracts model has been developed sufficiently. The Board is now ready to consider the interaction between the accounting for insurance contract liabilities and the accounting for financial assets.
Convergence with the US-based FASB - The Board has previously committed to seek feedback on the FASB’s classification and measurement model which is now near finalisation. The boards remain committed to achieving increased international comparability, and will be jointly discussing some issues to seek to reduce key differences between their respective models.
For more information on IFRS 9, including the mandatory effective date, please see the classification and measurement project page.
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Project news
27 Jan 2012 IASB and FASB seek to reduce differences in classification and measurement models for financial instruments, click here for details
7 Nov 2011 The staff posted online an agenda paper for the November board meeting suggesting that the Board consider a project to make limited modifications to IFRS 9, click here
Last IASB meeting update
17 April 2012
The IASB and FASB discussed the business model assessment for amortised cost classification for financial assets and bifurcation of financial assets and financial liabilities.
Click here to listen to the IASB meeting audio playback.
Read the full meeting update and all previous updates and observer notes for this project. |
Next discussion by the IASB
The boards will discuss further in 2012.
Page last updated: 9 May 2012