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Financial instruments — Effective date of IFRS 9

Background

The mandatory effective date for the classification and measurement and derecognition sections of IFRS 9 Financial Instruments when they were originally issued was 1 January 2013. The Basis for Conclusions of IFRS 9 references that the Board expected transition of all phases of the IAS 39 replacement project to occur concurrently and that it may delay the effective date to align with the effective date of the forthcoming insurance standard.

However, during 2011, based on the progress of the hedge accounting (including macro hedging) and impairment projects, it became questionable whether 1 January 2013 is still a realistic effective date to finalise all portions of the standard and provide sufficient time for implementation. Additionally, the insurance project was still ongoing and an effective date had not yet been determined.

Based on the above, in July 2011, the Board began a project to delay the mandatory effective date to annual periods beginning on or after 1 January 2015.

 

Current status of the project

This project has been completed.  The IASB published Mandatory Effective Date and Transition Disclosures (Amendments to IFRS 9 and IFRS 7) on 16 December 2011.

 

Project milestones

DateDevelopmentComments
July 2011 Project added to IASB's agenda
4 August 2011 Exposure Draft ED/2011/3 Mandatory Effective Date of IFRS 9 published Comment deadline 21 October 2011
16 December 2011 Mandatory Effective Date and Transition Disclosures (Amendments to IFRS 9 and IFRS 7) Amends the effective date of IFRS 9 to annual periods beginning on or after 1 January 2015, and modifies the relief from restating comparative periods and the associated disclosures in IFRS 7

Related Discussions

  • Report of the IASB Chairman

  • Jan 12, 2012

  • Hans Hoogervorst noted that he had provided a detailed written report with supporting appendices. He limited his remarks to highlighting some issues.

  • IFRS 9 – Targeted improvements (continued)

  • Nov 16, 2011

  • The Board discussed whether anyone planned to dissent from the amendment to IFRS 9 delaying the mandatory effective date to annual periods beginning on or after 1 January 2015.

  • IFRS 9 – Targeted improvements

  • Nov 15, 2011

  • The IASB discussed whether to initiate a review of IFRS 9 and also discussed the effective date of revised disclosure requirements in light of the IASB's decision to defer the application of IFRS 9.

  • Effective date of IFRS 9

  • Nov 07, 2011

  • At the November supplemental Board meeting, the Board considered feedback received on the exposure draft in relation to the mandatory effective date of IFRS 9 and the requirement to restate comparative financial statements.

  • Financial instruments – Effective date of IFRS 9

  • Jul 28, 2011

  • The IASB considered the following sweep issues in finalising the forthcoming exposure draft: (1) the relief period for comparative financial statements and (2) clarification of the term 'reporting period'.

All Related