EFRAG welcomes the Board’s decision to postpone the effective date of IFRS 9 Financial Instruments, but considers that the revised effective date of 1 January 2015 provides insufficient relief. EFRAG believes that, rather than setting a fixed effective date, it would be more appropriate to allow entities at least three years, from the date on which both the last phase of IFRS 9 and the new standard on insurance contracts have been published, to implement IFRS 9.

Comments should be submitted by 17 October 2011 to Commentletters@efrag.org