This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version. Please upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Effective date of IFRS 7 amendments on application of IFRS 9

When 01 Jan 2015
from to
Add event to calendar vCal
iCal

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.

Note: On 19 November 2013, the IASB issued IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39) amending IFRS 9 to include the new general hedge accounting model, allow adoption of the treatment of fair value changes due to own credit on liabilities designated at fair value through profit or loss, and remove the 1 January 2015 effective date (from all versions of IFRS 9).   Accordingly, the 2013 amendments override the effective date introduced by the 2011 amendments, and the other amendments made apply only apply if IFRS 9 is applied.  If the 2013 version of IFRS 9 is applied, further consequential amendments are made to the above requirements: an entity that adopts the classification and measurement requirements is not required to restate prior periods, but only may restate prior periods if it is possible without the use of hindsight.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.