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Deloitte comment letter on ED/2011/3 'Mandatory Effective Date of IFRS 9'

Published on: 20 Oct 2011

We agree that deferral of the mandatory effective date of IFRS 9 Financial Instruments is necessary in order to allow entities to apply the requirements of all elements of IFRS 9 and, where applicable, the new standard on insurance contracts at the same time. However, given the current level of uncertainty on the timetable for completion of these projects we believe it is premature to determine what period of deferral would be sufficient to meet this objective. The revised effective date should be determined when the major phases of the IFRS 9 project, i.e. general hedge accounting and impairment, and insurance contracts are complete.

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