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Financial instruments — Effective date of IFRS 9


The mandatory effective date for the classification and measurement and derecognition sections of IFRS 9 Financial Instruments when they were originally issued was 1 January 2013. The Basis for Conclusions of IFRS 9 references that the Board expected transition of all phases of the IAS 39 replacement project to occur concurrently and that it may delay the effective date to align with the effective date of the forthcoming insurance standard.

However, during 2011, based on the progress of the hedge accounting (including macro hedging) and impairment projects, it became questionable whether 1 January 2013 is still a realistic effective date to finalise all portions of the standard and provide sufficient time for implementation. Additionally, the insurance project was still ongoing and an effective date had not yet been determined.

Based on the above, in July 2011, the Board began a project to delay the mandatory effective date to annual periods beginning on or after 1 January 2015.


Current status of the project

This project has been completed.  The IASB published Mandatory Effective Date and Transition Disclosures (Amendments to IFRS 9 and IFRS 7) on 16 December 2011.


Project milestones

July 2011 Project added to IASB's agenda
4 August 2011 Exposure Draft ED/2011/3 Mandatory Effective Date of IFRS 9 published Comment deadline 21 October 2011
16 December 2011 Mandatory Effective Date and Transition Disclosures (Amendments to IFRS 9 and IFRS 7) Amends the effective date of IFRS 9 to annual periods beginning on or after 1 January 2015, and modifies the relief from restating comparative periods and the associated disclosures in IFRS 7

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.