Transcription of IFRS 9: Financial Instruments – high level summary
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IFRS 9: Financial Instruments – high level summary
April, 13. IFRS 9: Financial Instruments high level summary Background IFRS 9 Financial Instruments is the IASB's replacement of IAS 39 Financial Instruments : Recognition and Measurement. The Standard includes requirements for recognition and measurement, impairment, derecognition and general hedge accounting. The version of IFRS 9 issued in 2014 supersedes all previous versions and is mandatorily effective for periods beginning on or after 1 January 2018 with early adoption permitted (subject to local endorsement requirements). For a limited period, previous versions of IFRS 91 may be adopted early, provided the relevant date of initial application is before 1 February 2015 (again, subject to local endorsement requirements).
Financial asset classification and measurement is an area where many changes have been introduced by IFRS 9. Consistent with IAS 39, the classification of a financial asset is determined at initial recognition, however, if certain conditions are met, an asset may subsequently need to be reclassified.
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