IASB issues report concluding the post-implementation review of classification and measurement requirements relating to financial instruments
Dec 21, 2022
On December 21, 2022, the International Accounting Standards Board (IASB) issued its project report and feedback statement on the Post-implementation Review (PIR) of IFRS 9 "Financial Instruments — Classification and Measurement".
The project report and feedback statement provides the IASB’s conclusions on the PIR which included the following:
- “stakeholders have no fundamental questions about the clarity or suitability of the objectives or principles in the new requirements.
- “in general, the requirements can be applied consistently and provide useful information to the users of financial statements. However, clarification is needed in some areas to improve the understandability of the requirements.”
- “stakeholders encounter no unexpected costs when applying or enforcing the classification and measurement requirements of IFRS 9, nor when using or auditing information the Accounting Standard requires a company to provide.”
In addition, the IASB has identified two issues that will need further research. These issues are:
- “the assessment of the contractual cash flow characteristics of financial assets with ESG-linked features.”
- “electronic cash transfers as settlement of a financial asset or liability.”
Review the press release and report on the IASB's website.
