This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Recording and statements at public hearing on IFRS 9

  • European Union Image

02 Dec 2015

On 1 December 2015, the Committee on Economic and Monetary Affairs (ECON) of the European Parliament held a public hearing on IFRS 9 'Financial Instruments'.

The hearing featured an introduction by the ECON Chair Roberto Gualtieri followed by short presentations by the invited experts:

  • Andreas Barckow, President of the Accounting Standards Committee of Germany (ASCG)
  • Nicolas Véron, Bruegel and Peterson Institute
  • Andreas Haaker, German Cooperative and Raiffeisen Confederation (DGRV)
  • Mike Ashley, Vice-Chair of EFRAG TEG and Chairman of Financial Instruments Working Group

The presentations were followed by a joint discussion with ECON members, which focused on the following issues:

  • divergence between IASB and FASB on the new impairment model,
  • different effective dates of IFRS 9 and the new standard on insurance and overlay vs. deferral approach,
  • differences between IAS 39 and IFRS 9 and comments on fair value accounting in general,
  • 12-month expected credit losses,
  • principles-/rules-based accounting and the question of judgement,
  • complexity,
  • impact analyses at EFRAG and the IASB, and
  • whether the differences between IAS 39 and IFRS 9 are improvements or whether IAS 39 should be retained and IFRS 9 not endorsed.

Opening the session, the ECON Chair as well as the Chair of the IFRS Permanent Team of ECON had stated that they had received overwhelming support by virtually all stakeholders arguing for a swift endorsement. During the presentations and the discussion it turned out that three of the experts were of the same opinion while only one expert expressed doubt (of IFRS reporting in general).

Please click for the following additional information on the European Parliament website:

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.