Post Implementation Review of IFRS 9 - Classification and Measurement
Project Type:
Post-implementation review
Status:
Completed
Milestone:
Project Closure
Completed Date: 18 February 2022
The IASB published its Request for Information Post-implementation Review IFRS 9 Financial Instruments Classification and Measurement in September 2021. Our response to the IASB was submitted on 28 January 2022.
Background
IFRS 9 Financial Instruments replaced IAS 39 Financial Instruments: Recognition and Measurement. Changes to accounting for financial instruments introduced by IFRS 9 covered three areas: Classification & Measurement, Impairment (Expected Credit Losses) and Hedge Accounting. IFRS 9 sets out the requirements on how an entity classifies and measures financial assets, financial liabilities, and some contracts to buy or sell non-financial items. The standard was effective for annual periods commencing on or after 1 January 2018. Insurers may defer the effective date until 1 January 2023, providing certain conditions are met.
Under its due process IASB is required to conduct a post implementation review (PIR) of the all new IFRS standards and major amendments. The purpose of the post-implementation review is to assess whether the standard or amendment is meeting its objectives. This PIR only addresses the Classification and Measurement requirements, including the related disclosure requirements in IFRS 7 Financial Instruments: Disclosures. A PIR addressing IFRS 9 Impairment and IFRS 9 Hedge Accounting requirements is expected in 2022.
Outreach
Our planned outreach on this project included a survey, discussions with stakeholders, and public consultation on our draft comment letter.
Timeline
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3
Project Closure
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The UKEB published its Due Process Compliance Statement on 18 February 2022.
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2
Final Documents
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The UKEB published its Final Comment Letter and Feedback Statement on 31 January 2022.
Final Comment Letter - Post Implementation Review of IFRS 9 - Classification and Measurement
Feedback Statement - Post Implementation Review of IFRS 9 - Classification and Measurement
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1
Consultation
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The UKEB published its Draft Comment Letter on 15 December 2021 for public consultation.
Draft Comment Letter - Post Implementation Review of IFRS 9 - Classification and Measurement
Invitation to Comment
Invitation to Comment - Post Implementation Review of IFRS 9 - Classification and Measurement
The consultation closed on 10 January 2022.