Post-implementation Review of IFRS 9 – Classification and Measurement [RFI]

Comment period ends January 28, 2022

Next steps:

The IASB plans to issue a Feedback Statement in December 2022

Last updated:

October 2022

Overview

The In­ter­na­tional Ac­count­ing Stan­dards Board (Board) con­ducts a Post-im­ple­men­ta­tion Re­view (PIR) of each new IFRS Stan­dard or ma­jor amend­ment. A PIR is a manda­tory step in the due process for new IFRS Stan­dards or ma­jor amend­ments to IFRS Stan­dards.

IFRS 9 sets out the requirements on how an entity classifies and measures financial assets, financial liabilities, and some contracts to buy or sell non-financial items.

When developing IFRS 9, the IASB divided its project on financial instruments into three stages (classification and measurement, impairment, and hedge accounting). In the first stage (classification and measurement), the Board developed a single principle-based approach to the classification and measurement of financial assets. The Board also addressed the so-called 'own credit' issue by requiring that the effects of changes in the credit risk of financial liabilities designated under the fair value option are presented in other comprehensive income.

In October 2020, the Board decided to begin the PIR of the IFRS 9 classification and measurement requirements. Subsequent phases of the PIR will look at the impairment and hedge accounting requirements of IFRS 9.

 

Other developments

October 2022

On October 25, 2022, the IASB staff updated the work plan to indicate that the Board plans to issue its Feedback Statement in December 2022.

July 2022

On July 25, 2022, the IASB staff updated the Work Plan to indicate that the Board plans to issue its Feedback Statement in Q4/2022.

April 2022

On April 29, 2022, the IASB staff updated the Work Plan to indicate that the Board plans to issue a Feedback Statement in H2/20222.

January 2022

On January 28, 2022, the IASB staff updated the Work Plan to indicate that the Board plans to review the Request for Information Feedback in March 2022.

September 2021

On September 30, 2021, the IASB issued a request for information (RFI) seeking comments from stakeholders to identify whether the classification and measurement requirements in IFRS 9, "Financial Instruments" provide information that is useful to users of financial statements; whether there are requirements that are difficult to implement and may prevent the consistent implementation of the standard; and whether unexpected costs have arisen in connection with applying or enforcing the standard. Comments are requested by January 28, 2022.

July 2021

On July 23, 2021, the IASB staff updated the Work Plan to indicate that the Board plans to issue a Request for Information in September 2021.

April 2021

On April 30, 2021, IASB staff updated the Work Plan to indicate that the Board plans to issue a Request for Information in Q3/2021.

December 2020 review the Proposed Update feedback in February 2021

On December 18, 2020, the IASB staff updated the Work Plan to indicate that the Board plans to issue a Request For Information in the second half of 2021.

October 2020

In October 2020, the Board decided to begin the PIR of the IFRS 9 classification and measurement requirements.

 

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