Transcription of Know your standards IFRS 9, Financial Instruments
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Know your standards IFRS 9, Financial Instruments
RELEVANT TO ACCA QUALIFICATION PAPER P2 2011 ACCA Know your standards ifrs 9, Financial Instruments The issue of ifrs 9, Financial Instruments is part of the project to replace IAS 39, Financial Instruments Recognition and Measurement. ifrs 9 represents the outcome of work to date undertaken by the International Accounting standards Board (IASB) in conjunction with the Financial Accounting standards Board (FASB) in the US to improve and converge Financial reporting standards . It was issued in November 2009 and initially dealt with classification and measurement of Financial assets. ifrs 9 was subsequently updated in October 2010 to include accounting for Financial liabilities. ifrs 9 is effective for accounting periods commencing on or after 1 January 2013, with earlier application possible. Note that further developments are in progress dealing with impairment, derivatives and hedging. To the extent that ifrs 9 does not yet deal with a particular issue, the requirements of IAS 39 continue to apply.
2 IFRS 9, FINANCIAL INSTRUMENTS AUGUST 2011 © 2011 ACCA There is increased emphasis on fair value accounting and reporting, which is regarded as both relevant and ...
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