The final version of IFRS 9 Financial Instruments was published in July 2014. Classification and measurement was the first phase of the IFRS 9 project.
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.