Tuesday 22 May 2012
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On 12 November 2009, the IASB published IFRS 9 Financial Instruments which covers the classification and measurement of financial assets. The Board finalised this phase in time to allow, but not require, early application for 2009 year-end financial statements. On 28 October 2010 the requirements for classifying and measuring financial liabilities were added to IFRS 9. Most of the added requirements were carried forward unchanged from IAS 39. However, the requirements related to the fair value option for financial liabilities were changed to address the issue of own credit risk in response to consistent feedback from users of financial statements and others that the effects of changes in a liability’s credit risk ought not to affect profit or loss unless the liability is held for trading.
On 15 November 2011, the Board tentatively decided to consider making limited modifications to IFRS 9 on an expedited basis. For more information, visit the Limited modifications to IFRS 9 project page.
In December 2011, the Board issued Mandatory Effective Date of IFRS 9 and Transition Disclosures, which defers the mandatory effective date of IFRS 9 to annual periods beginning on or after 1 January 2015. Early application of IFRS 9 will continue to be permitted. The Board also amended the transitional provisions to provide relief from restarting comparative information and introduced new disclosures to help users of financial statements understand the effect of moving to the IFRS 9 classification and measurement model.
27 January 2012 The IASB and the Financial Accounting Standards Board (FASB) announced that they have agreed to work together to seek to reduce differences in their respective classification and measurement models for financial instruments. Click here for details.16 December 2011 The IASB issued amendments to IFRS 9 Financial Instruments that defer the mandatory effective date from 1 January 2013 to 1 January 2015. Click here for more details.
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.
Click here to see all previous project news on this project.
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.
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.
In 2012 the boards will further deliberate certain aspects of their classification and measurement models.
Page last updated: 4 May 2012
Click here for webcast recordings and Q&As
Click here for IFRS 9: Financial Instruments
Click here for the October 2010 feedback statement on IFRS 9: Financial Instruments
Click here for the November 2009 feedback statement on IFRS 9: Financial Instruments
Sue Lloyd Senior Director, Technical Activitiesemail: slloyd@ifrs.org