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Prepayment Features with Negative Compensation - IASB

Date recorded:

At its meeting on July 19, 2017, the IASB discussed the proposals in the Exposure Draft, Prepayment Features with Negative Compensation, including the two eligibility conditions and a modification of financial liabilities. With respect to effective date and transition provisions, the Board tentatively decided: (i) to set the mandatory effective date of the amendments as annual periods beginning on or after 1 January 2019 (with earlier application permitted); (ii) to require retrospective application of the amendments using the relevant transition provisions in IFRS 9; (iii) not to require restatement of prior periods to reflect the amendments; and (iv) to require particular transition disclosures when an entity first applies the amendments. The Board concluded that the due process requirements have been met and that the Board has undertaken sufficient consultation and analysis to begin the balloting process for the amendments to IFRS 9. The Board expects to issue the amendments to IFRS 9 by October 2017.

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