IASB Releases IFRS 9 Financial Instruments
Announced on Thursday, the International Accounting Standards Board issued IFRS 9 Financial Instruments, the final component of its response to the financial crisis. Effective January 1, 2018, IFRS 9 features a logical model for classification and measurement, an “expected loss” impairment model and a reformed method to hedge accounting. Originally planned to be a convergence project with the FASB, Financial Instruments was one project where the Financial Accounting Standards Board (“FASB”) and IASB were unable to come to agreement. The FASB is currently working to finish its project on classification & measurement as well as impairment. Early application of IFRS 9 will be permitted.
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