Welcome to the website of the IFRS Foundation and the IASB

Friday 18 April 2014

Banner graphic

Financial Instruments (replacement of IAS 39)


 IFRS 9: Financial Instruments (replacement of IAS 39)

 

Project 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.

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.

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)).

In February 2014 the IASB finalised its deliberations on the limited amendments to the classification and measurement requirements of IFRS 9 Financial Instruments.

Going forward, the staff will proceed to drafting and balloting the final requirements for impairment and the limited amendments to the classification and measurement requirements to be incorporated into IFRS 9.

The IASB also tentatively decided to require an entity to apply IFRS 9 for annual periods beginning on or after 1 January 2018.

Phase 2: Impairment methodology

The Exposure Draft Financial Instruments: Expected Credit Losses was published in March 2013. In February 2014 the IASB finalised its deliberations on the limited amendments to the classification and measurement requirements of IFRS 9 Financial Instruments.

Going forward, the staff will proceed to drafting and balloting the final requirements for impairment and the limited amendments to the classification and measurement requirements to be incorporated into IFRS 9.

The IASB also tentatively decided to require an entity to apply IFRS 9 for annual periods beginning on or after 1 January 2018.

Phase 3: Hedge accounting

The IASB published IFRS 9 Financial Instruments (2013) on 19 November 2013.