IASB issues report concluding the post-implementation review of classification and measurement requirements relating to financial instruments
21 Dec 2022
The IASB has issued its project report and feedback statement on the Post-implementation Review (PIR) of IFRS 9 ‘Financial Instruments — Classification and Measurement’.
The project report and feedback statement provides the IASB’s conclusions on the PIR which included the following:
- “stakeholders have no fundamental questions about the clarity or suitability of the objectives or principles in the new requirements.
- “in general, the requirements can be applied consistently and provide useful information to the users of financial statements. However, clarification is needed in some areas to improve the understandability of the requirements.”
- “stakeholders encounter no unexpected costs when applying or enforcing the classification and measurement requirements of IFRS 9, nor when using or auditing information the Accounting Standard requires a company to provide.”
In addition, the IASB has identified two issues that will need further research. These issues are:
- “the assessment of the contractual cash flow characteristics of financial assets with ESG-linked features.”
- “electronic cash transfers as settlement of a financial asset or liability.”
For more information, see the press release and report on the IFRS Foundation website.