Heads Up on IFRS 9

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18 Nov 2009

Deloitte United States has published a Heads Up Newsletter titled IASB Issues IFRS on Classification and Measurement of Financial Assets.

This 13-page newsletter explains the requirements of IFRS 9 Financial Instruments, issued 12 November 2009 and effective mandatorily in 2013 and optionally starting in 2009. IFRS 9 replaces the existing classification and measurement requirements in IAS 39 for financial assets. It changes the manner in which entities classify and measure investments in debt and equity securities, loan assets, trade receivables, and derivative financial assets by requiring entities to classify financial assets as being measured at either amortised cost or fair value depending on the entity's business model and the contractual cash flow characteristics of the asset. The issuance of IFRS 9 represents the completion of the first phase of the IASB's project to replace IAS 39. Other phases address classification and measurement of financial liabilities, recognition and measurement of impairments, hedge accounting, and derecognition. The IASB expects to replace the remaining portions of IAS 39 during 2010.
Click to view Heads Up IASB Issues IFRS on Classification and Measurement of Financial Assets (PDF 171k).


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