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Financial Instruments (replacement of IAS 39)


IFRS 9: Financial Instruments (replacement of IAS 39)

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The objective of this project is to improve the usefulness of financial statements for users by simplifying the classification and measurement requirements for financial instruments. In November 2008 the IASB added this project to their active agenda. The FASB also added this project to their agenda in December 2008.

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Project set-up

The IASB’s project plan for the replacement of IAS 39 consists of three main phases:

Phases Status
Phase 1:  Classification and measurement Original publication

IFRS 9 Financial Instruments was published in November 2009 and contained requirements for financial assets. Requirements for financial liabilities were added to IFRS 9 in October 2010. Most of the requirements for financial liabilities were carried forward unchanged from IAS 39. However, some changes were made to the fair value option for financial liabilities to address the issue of own credit risk.

In December 2011, the Board amended IFRS 9 to require application for annual periods beginning on or after 1 January 2015 and to not require the restatement of comparative-period financial statements upon initial application.

Limited amendments to IFRS 9

On 15 November 2011, the Board decided to consider making limited modifications to IFRS 9, and on 28 November 2012 the IASB issued an Exposure Draft Classification and Measurement: Limited Amendments to IFRS 9 (Proposed amendments to IFRS 9 (2010)).
Phase 2: Impairment methodology The supplementary document Financial Instruments: Impairment was published in January 2011. The comment period closed on 1 April 2011 and redeliberations are on-going.
Phase 3:  Hedge accounting  On 7 September 2012 the IASB posted to its website  a draft of the forthcoming general hedge accounting requirements that will be added to IFRS 9 Financial Instruments.


The IASB separately addressed the requirements for offsetting financial assets and financial liabilities with the FASB in December 2011.

Click here to go to the Asset and Liability Offsetting page.

Advisory groups

Financial Instruments Working Group (FIWG)
In 2004 the IASB set up a Financial Instruments Working Group (FIWG) that includes users, preparers and auditors of financial statements of both financial institutions and other types of entities.

The Financial Crisis Advisory Group (FCAG)
Accounting issues emerging from the global crisis are being considered jointly by both the IASB and the FASB. As part of that commitment, the boards established an advisory group comprised of senior leaders with broad international experience in financial markets to assist in that important process.

Page last updated: 10 September 2012

Related information

Click here for webcasts on IAS 39 [Updated 15 Aug 2012]

Project contacts 

Sue Lloyd
Senior Director, Technical Activities
email: slloyd@ifrs.org