Financial instruments — Limited reconsideration of IFRS 9
At the November 2011 IASB meeting, the staff recommended that the Board consider making improvements to IFRS 9 Financial Instruments, in particular, to consider the interaction with the insurance contracts project.
The project may also enable the IASB to consider application issues identified by entities who have, or are in the process of, early adopting IFRS 9 and to consider the FASB's classification and measurement model.
However, any changes are expected to be as targeted as possible to minimise potential disruption to those who have already applied or are close to applying IFRS 9 and in order to assist in timely completion of the project.
Current status of the project
At the January 2012 IASB meeting, the IASB and FASB agreed to work together to improve the alignment of their respective financial instrument classification and measurement standards. The IASB published Exposure Draft ED/2012/4 Classification and Measurement: Limited Amendments to IFRS 9 (proposed amendments to IFRS 9 (2010)) on 28 November 2012, with comments due by 28 March 2013. Finalised amendments are expected in the second quarter of 2014.
|November 2011||Project tentatively added to the agenda|
|28 November 2012||ED/2012/4 Classification and Measurement: Limited Amendments to IFRS 9 (proposed amendments to IFRS 9 (2010)) published
||Comment deadline 28 March 2013|