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IASB decides on final effective date of IFRS 9

  • IASB (International Accounting Standards Board) Image

Feb 20, 2014

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

The original effective date of IFRS 9 Financial Instruments was January 1, 2013, and later amended to be January 1, 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 will be available shortly.

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