The International Accounting Standards Board (Board) has started its Post-implementation Review (PIR) of the classification and measurement requirements in IFRS 9 Financial Instruments and has added the PIR as a project to its work plan.
When developing IFRS 9, the Board divided its project into three phases—classification and measurement, impairment, and hedge accounting. The Board decided at its October 2020 meeting to also divide the PIR of the Standard into phases, starting with the review of the classification and measurement requirements. The impairment requirements and hedge accounting requirements will be reviewed later, when more information is available about the application and effects of those requirements.
The Board carries out PIRs to assess the effects of a new Standard or major amendment to a Standard on investors, companies and auditors after the requirements have been widely applied for some time.
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