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Tuesday 22 July 2014

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Phase I - Classification and measurement

 Financial Instruments—Phase I: Classification and Measurement

In March 2008 the IASB and FASB published a discussion paper Reducing Complexity in Reporting Financial Instruments. Subsequent to the publication of that discussion paper, the IASB decided to divide its project to reconsider the accounting for financial instruments into three phases. Classification and measurement form the foundation of that accounting and therefore are Phase 1.

Project stages

Stage 1: Completed March 2008
Stage 2: Completed March to July 2009 [Exposure Draft (financial assets and financial liabilities)]

Board deliberations

Issued documents

Stage 3: September to October 2009 [IFRS 9 – requirements for financial assets]
Stage 4: December 2009 to April 2010 [Exposure Draft (financial liabilities)]

Board deliberations

Issued documents

Stage 5: July to September 2010 [IFRS 9 – requirements for financial liabilities]
Stage 6: Completed November 2012 [Exposure Draft (Limited amendments to IFRS 9)]

    The IASB is currently in the balloting process for the new issuance of IFRS 9 Financial Instruments, incorporating the final requirements for impairment and the limited amendments to classification and measurement.

Stage 7: Expected completion date: Q2 2014