IFRS 9 Financial Instruments issued by IASB
The International Accounting Standards Board (IASB) issued today IFRS 9 Financial Instruments to complete the final element of its comprehensive response to the financial crisis.
The new model removes complexity associated with previous accounting requirements.
Hans Hoogervorst, Chairman of the IASB commented:
“The reforms introduced by IFRS 9 are much needed improvements to the reporting of financial instruments and are consistent with requests from the G20, the Financial Stability Board and others for a forward-looking approach to loan-loss provisioning.
The new Standard will enhance investor confidence in banks’ balance sheets and the financial system as a whole.”
The new Standard will come into effect on 1 January 2018 with early application permitted.
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Source: ifrs
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