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FYI Article – IFRS 9: Finally…Much-needed Improvements to the Financial Instruments Standard.

  • IFRS - AcSB Image

Mar 27, 2015

On March 27, 2015, the Accounting Standards Board published an article that discusses the key features of IFRS 9 and potential financial reporting impact.

The final version of IFRS 9 Financial Instruments was incorporated into Part I of the CPA Canada Handbook – Accounting in February 2015. The standard is effective for annual periods beginning on or after January 1, 2018 with earlier application permitted.

The International Accounting Standards Board (IASB) issued the final version of the standard in July 2014. The financial instruments project was completed in stages with the publication of the final version of the standard bringing together its various phases.  The standard replaces earlier versions of IFRS 9, including classification and measurement (issued in 2009 and 2010) and hedge accounting (issued in 2013) and completes the IASB’s project to replace IAS 39 Financial Instruments: Recognition and Measurement.  An entity is permitted to apply an earlier version of IFRS 9 if, and only if, the date of initial application of the earlier version is before February 1, 2015.

Review the article.

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