29/11/2016 - EFRAG Endorsement Status Report 29 November 2016
The endorsement by the European Commission of IFRS 9 Financial Instruments is now reflected in the EFRAG Endorsement Status Report.
The European Commission endorsed IFRS 9 Financial Instruments. IFRS 9 is effective for annual periods beginning on or after 1 January 2018, with earlier application permitted. In addition, the own credit changes can be early applied in isolation without otherwise changing the accounting for financial instruments.
IFRS 9 replaces IAS 39 Financial Instruments: Recognition and Measurement. Work on replacing IAS 39 was accelerated following the financial crisis when interested parties, including the G20, the Financial Crisis Advisory Group and the Financial Stability Board highlighted a number of areas in financial instruments accounting that needed to change. IFRS 9 brings significant changes to classification and measurement, impairment and hedge accounting.
Link to the publication in the Official Journal of the European Union: Commission Regulation (EU) 2016/2067 of 22 November 2016
EFRAG has updated the EFRAG Endorsement Status Report, which can be downloaded below and under the menu point 'Endorsement Status'.