Wednesday, June 4th, 2014
The IASB tentatively decided to require an entity to apply IFRS 9 for annual periods beginning on or after 1 January 2018.
Classification and Measurement
On 28 November 2012 the IASB issued an Exposure Draft Classification and Measurement: Limited Amendments to the proposed amendments to IFRS 9 issued in 2010. In February 2014 the IASB finalised its deliberations on the limited amendments to the classification and measurement requirements of IFRS 9 Financial Instruments. According to the future agenda, the IASB will proceed to drafting and balloting the final requirements for impairment and the limited amendments to the classification and measurement requirements to be incorporated into IFRS 9.
The IASB had issued an Exposure Draft Financial Instruments: Expected Credit Losses was published in March 2013 and since then various industry groups have raised various implementation challenges and concerns. As per the future IASB agenda, the staff will proceed to drafting and balloting the final requirements for impairment to be incorporated into IFRS 9.