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IFRS 9: Financial Instruments

IASB meeting summaries and observer notes


 IASB / FASB November 2011


 


Effective date of revised disclosure requirements

At the 7 November 2011 Board meeting, the IASB decided that IFRS 9 (2009) and IFRS 9 (2010) should be amended to require application for annual periods beginning on or after 1 January 2015, rather than 1 January 2013.

The IASB also decided not to require the restatement of comparative-period financial statements for the initial application of the classification and measurement requirements of IFRS 9, but instead to require modified disclosures on transition from the classification and measurement requirements of IAS 39 to those of IFRS 9.

The IASB also decided that this disclosure would be required even if an entity chose to restate its comparatives for the effect of applying IFRS 9. Early application of IFRS 9 (2009) and IFRS 9 (2010) would continue to be permitted.

In this meeting, the IASB discussed the effective date for the modified disclosures. The IASB decided that an entity that adopts IFRS 9 for reporting periods:

a. beginning before 1 January 2012 need not restate prior periods and is not required to provide the modified disclosures at the date of initial application;

b. beginning from (and including) 1 January 2012 until (and including) 31 December 2012 shall restate prior periods unless it elects to provide the modified disclosures at the date of initial application instead of restating prior periods; or

c. beginning on 1 January 2013 or thereafter, need not restate prior periods. However, the entity shall provide the modified disclosures at the date of initial application.

All IASB members voted in favour of this decision.

Date: 11/15/2011