On 16 December 2011, the IASB issued Mandatory Effective Date and Transition Disclosures (Amendments to IFRS 9 and IFRS 7), which:

• amends the effective date of IFRS 9 Financial Instruments to annual periods beginning on or after 1 January 2015
• modifies the relief from restating comparative periods and the associated disclosures in IFRS 7 Financial Instruments: Disclosures.

The amendments to IFRS 7 apply when an entity first applies the requirements of IFRS 9 and so apply to annual periods beginning on or after 1 January 2015 (or such other date as when an entity applies IFRS 9).

Instead of requiring restatement of comparative financial statements, entities are either permitted or required to provide modified disclosures on transition from IAS 39 to IFRS 9 on the basis of the entity's date of adoption and if the entity chooses to restate prior periods. An entity that adopts IFRS 9 for reporting periods:

• beginning before 1 January 2012 is not required to restate prior periods or provide the modified disclosures
• beginning from 1 January 2012 until 31 December 2012 may elect to either restate its prior periods or provide the modified disclosures
• beginning on 1 January 2013 or thereafter is not required to restate prior periods but is required to provide the modified disclosures.