History of the Classification and Measurement phase
In November 2009, the IASB published the classification and measurement requirements for financial assets (IFRS 9 (2009)). Further detail on these requirements and the preceding deliberations can be found in the Exposure Draft (2009) and the IFRS 9 (2009) stages below.
In October 2010, the classification and measurement requirements for financial liabilities were added to IFRS 9 (IFRS 9 (2010)). Further detail on these requirements can be found in the Exposure Draft (2010) and IFRS 9 (2010) stages below.
IFRS 9 must be applied for annual periods beginning on or after 1 January 2015. Early application is permitted. Further detail on the mandatory effective date and transition to IFRS 9 can be found in the related project, Mandatory effective date and transition disclosures, and also the Limited Amendments stage below.
In November 2011, the IASB decided to consider making limited amendments to IFRS 9 with the aims of:
Clarifying a narrow range of application issues
The IASB has received specific application questions from those who have chosen to apply IFRS 9 early or who have reviewed IFRS 9 in detail in preparation for application.
Considering the interaction with the Insurance Contracts project
The IASB stated that it would consider the interaction between IFRS 9 and the Insurance Contracts project once the insurance contracts model was developed sufficiently.
Increasing comparability internationally in the accounting for financial instruments
The IASB is seeking to reduce key differences between its requirements for classification and measurement of financial instruments and the tentative classification and measurement model considered by the FASB. The FASB will soon publish revised proposals that will include the effects of the boards' joint deliberations.
On 28 November 2012, the IASB published an Exposure Draft ED 2012/4 Classification and Measurement: Limited Amendments to IFRS 9 (Proposed amendments to IFRS 9 (2010)). Further detail on these proposals can be found in the Limited amendments stage below.