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Endorsement of IFRS 9 is postponed

  • EFRAG (European Financial Reporting Advisory Group) (dk green) Image

13 Nov 2009

In our News Story of 4 November 2009 we reported that the European Financial Reporting Advisory Group (EFRAG) had posted on its website an Invitation to Comment on its Draft Endorsement Advice relating to the endorsement of IFRS 9 for use in the European Union.

EFRAG consulted both on its assessment of IFRS 9 against the EU endorsement criteria and on its initial assessment of the costs and benefits that would arise from the implementation of IFRS 9 in the EU. Comments were requested by 13 November 2009. In that Draft Endorsement Advice, EFRAG's overall tentative conclusion was that the information provided by IFRS 9 would be relevant, reliable, understandable, and comparable. "IFRS 9 satisfies the criteria for EU endorsement and EFRAG should therefore recommend its endorsement". However, EFRAG has now decided that "more time should be taken to consider the output from the IASB project to improve accounting for financial instruments. Therefore, at this stage, EFRAG has decided not to finalise its endorsement advice on IFRS 9. EFRAG is currently considering how it will proceed in its work to address the package of standards that are expected to replace IAS 39." Most likely, EFRAG's deferral means that IFRS 9 will not be available for use in Europe for 2009 year-ends.

 

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