IFRS 9: Financial Instruments (replacement of IAS 39)
Источник: IFRS Foundation
The objective of this project is to improve the usefulness for users of financial statements by simplifying the classification and measurement requirements for financial instruments. In November 2008 the IASB added this project to their active agenda. The FASB also added this project to their agenda in December 2008.
Project set-up
The IASB’s project plan for the replacement of IAS 39 consists of three main phases:
| Phases | Status |
| Phase 1: Classification and measurement | IFRS 9 Financial Instruments was published in November 2009 and contained requirements for financial assets. Requirements for financial liabilities were added to IFRS 9 in October 2010. Most of the requirements for financial liabilities were carried forward unchanged from IAS 39. However, some changes were made to the fair value option for financial liabilities to address the issue of own credit risk. |
| Phase 2: Impairment methodology | The supplementary document Financial Instruments: Impairment was published in January 2011. The comment period closed on 1 April 2011 and redeliberations are on-going. |
| Phase 3: Hedge accounting | The exposure draft Hedge Accounting was published in December 2010. The comment period closed on 9 March 2011 and redeliberations are on-going. |
The IASB aims to replace all of the requirements of IAS 39 by the second half of 2011.
The IASB will also address offsetting of financial assets and liabilities. The boards have decided to jointly issue a separate exposure draft proposing changes to address differences in their standards on balance sheet netting of derivative contracts and other financial instruments that can result in material differences in financial reporting by financial institutions.
Click here to go to the Asset and Liability Offsetting page.
Advisory groups
Financial Instruments Working Group (FIWG)
In 2004 the IASB set up a Financial Instruments Working Group (FIWG) that includes users, preparers and auditors of financial statements of both financial institutions and other types of entities.
The Financial Crisis Advisory Group (FCAG)
Accounting issues emerging from the global crisis are being considered jointly by both the IASB and the FASB. As part of that commitment, the boards established an advisory group comprised of senior leaders with broad international experience in financial markets to assist in that important process.
