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Limited amendments to IFRS 9

Date recorded:

The IASB staff made a presentation on the recently-issued ED proposing limited amendments to IFRS 9, noting its intent to improve the interaction with the insurance contracts project, to address a narrow range of application issues and to reduce key differences with the FASB’s standards.  The staff noted that it hoped to have these amendments in place by the end of 2013.

Council members were broadly supportive of the objective of the amendments, but noted that there was a communications challenge facing the IASB with respect to introducing the ‘Hold to Collect’ model, which produces results similar to the ‘Held to Maturity’ model, but was a quite different theoretical approach.

The Council also took the opportunity to express their concern on the Impairment project.  Council members spoke in favour of trying to achieve a converged solution as having two models would be problematic for preparers and confusing for users.  Others wanted to have an IFRS issued sooner rather than later, and continue convergence efforts in parallel.  Mr Hoogervorst stated that the IASB and FASB had committed to participating ‘openly and seriously’ in each other’s post-exposure outreach activities.  However, both standard-setters were under pressure to produce a standard.

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