08 January 2018

IFRS 9 and IFRS 15 are now effective

IFRS 9 Financial Instruments

IFRS 9 was issued in 2014 and replaces IAS 39 Financial Instruments: Recognition and Measurement. It consists of three different parts: classification and measurement, impairment and hedge accounting.

The most significant change resulting from IFRS 9 is how banks account for loan losses, though the Standard is also relevant for other companies.

To read more about it and access the Standard click here. Materials prepared to support implementation of IFRS 9 can be found here.

IFRS 15 Revenue from Contracts with Customers

IFRS 15 was also issued in 2014. It replaces two Standards, IAS 18 Revenue and IAS 11 Construction Contracts.

IFRS 15 specifies when and how much revenue a company should recognise, and the information about revenue that the company should disclose in its financial statements. It is relevant for all companies.

To read more about it and access the Standard click here. Materials prepared to support implementation of IFRS 15 can be found here.

IFRS 9 and IFRS 15 are effective for reporting periods starting on or after 1 January 2018.

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