The IASB issued IFRS 9 on 12 November 2009 as the first step in its project to replace
IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 introduces new requirements for classifying and measuring financial assets. Those requirements must be applied starting 1 January 2013, with earlier adoption permitted including for 2009. The IASB intends to expand IFRS 9 during 2010 to add new requirements for classifying and measuring financial liabilities, derecognition of financial instruments, impairment, and hedge accounting. By the end of 2010, IFRS 9 will be a complete replacement for IAS 39 – mandatory for 2013 and optional in earlier years. This newsletter explains the requirements of IFRS 9 in detail, compares IFRS 9 and IAS 39, and analyses the potential impact of a move to the new standard.
The headlines (from the IAS Plus Update Newsletter)
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- New classification and measurement requirements for financial assets
- New criteria for amortised cost measurement
- New measurement category – fair value through other comprehensive income
- Impairment assessment only for amortised cost assets
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- No more available-for-sale assets
- No more held-to-maturity assets and tainting rules
- No more embedded derivatives in financial assets
- No more unquoted equity investments measured at cost less impairment
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