On 12 November 2009, the International Accounting Standards Board (IASB) issued IFRS 9 Financial Instruments. This Standard introduces new requirements for the classification and measurement of financial assets and is effective from 1 January 2013 with early adoption permitted.

The exposure draft for this Standard included both financial assets and financial liabilities within its scope, however, due to concerns raised with the proposals for financial liabilities the scope was restricted to only financial assets.

New requirements for classification and measurement of financial liabilities, derecognition of financial instruments, impairment and hedge accounting are expected to be added to IFRS 9 in 2010 as illustrated in the timetable. As a result, IFRS 9 will eventually be a complete replacement for IAS 39 Financial Instruments: Recognition and Measurement.

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