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Early adoption of IFRS 9 Financial Instruments for Domestic Systemically Important Banks

  • IFRS - OSFI Image

Jan 09, 2015

On January 9, the Office of the Superintendent of Financial Institutions issued the final version of its Advisory, Early Adoption of IFRS 9 Financial Instruments for Domestic Systemically Important Banks. The Advisory outlines OSFI’s expectation that Domestic Systemically Important Banks will adopt IFRS 9 for their annual period beginning on November 1, 2017. All other Federally Regulated Entities using an October 31 year-end are permitted to adopt IFRS 9 on November 1, 2017, but are not expected to do so.

The Advisory outlines OSFI’s expectation that D-SIBs will adopt IFRS 9 for their annual period beginning on November 1, 2017. The mandatory adoption date of IFRS 9 per the IASB is for annual periods beginning on or after January 1, 2018 with early adoption permitted. OSFI believes adoption of IFRS 9 by D-SIBs on November 1, 2017 will better align their IFRS 9 adoption date with that of FREs having a December year-end and with foreign banks that report in IFRS, such as many Global Systemically Important Banks based in Europe. All other Federally Regulated Entities (FREs) using an October 31 year-end are permitted to adopt IFRS 9 on November 1, 2017, but are not expected to do so.

Read the Advisory.

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