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IASB decides on final effective date of IFRS 9

  • IASB (International Accounting Standards Board) (blue) Image

20 Feb 2014

In its afternoon session today, which focusses on IFRS 9 issues (impairment and classification and measurement), the IASB has just decided in an 11-5 vote that the effective date for IFRS 9 shall be 1 January 2018.

The original effective date of IFRS 9 Financial Instruments was 1 January 2013 and later amended to be 1 January 2015. In November 2013, the IASB removed the mandatory effective date completely and decided to revisit the effective date when all phases of the project are complete and a final version of IFRS 9 is issued.

Today's decision is intended to align the effective dates of the requirements for financial instruments and the requirements for insurance contracts. Should the completion of the insurance contracts project be delayed, a solution for insurance contracts will be sought separately.

Deloitte observer notes from the meeting are available here.

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