Financial instruments: Limited amendments to IFRS 9 (classification and measurement)

Date recorded:

The FASB staff provided the IASB with an update on the FASB’s recent decisions to no longer pursue a converged classification model with the IASB, but to essentially stick with current U.S. GAAP. 

The IASB staff then asked the Board whether they were satisfied that the due process requirements have been met and whether the staff can proceed with the ballot of those amendments.

The Board indicated that they were satisfied and that the staff should start the balloting process. However, two Board members indicated that they intend to dissent on the classification and measurement amendment piece to IFRS 9. This is because they do not agree with the introduction of a third category (fair value through OCI).  

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