Document icon

Financial Instruments Mandatory Effective Date of IFRS 9


The Board has undertaken a project to replace IAS 39 Financial Instruments: Recognition and Measurement in phases. The first phase of that project addressed the classification and measurement of financial instruments and resulted in the issue of IFRS 9 (2009) - addressing only financial assets - and IFRS 9 (2010), which included also requirements on financial liabilities. At the time IFRS 9 (2009) was issued the entire project was planned to be completed in 2010. IFRS 9 was initially issued with a mandatory effective date of 1 January 2013. At the time of selecting the mandatory effective date the IASB noted that it would consider delaying the effective date of IFRS 9, if: (a)the impairment phase of the project to replace IAS 39 made such a delay necessary; or (b)the new standard on insurance contracts had a mandatory effective date later than 2013, to avoid an insurer having to face two rounds of changes in a short period. In October 2010, the IASB issued the Request for Views on Effective Dates and Transition Methods. The Request for Views asked constituents' views on the proposed transition methods and effective dates of the projects that the IASB is currently working on. EFRAG issued its comment letter on the Request for Views on 31 January 2011. EFRAG issued the draft comment letter on 09 September 2011 and the final comment letter on 28 October 2011.
Show more...