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).
Under IAS 39, the fair value option for financial assets can also be applied when the asset is part of a group of assets or assets and liabilities that is managed on a fair value basis or when it has an embedded derivative that is not closely related.
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