Ifrs 9 Financial Instruments

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Financial Instruments
In April 2001 the International Accounting Standards Board (Board) adopted
IAS 39 Financial Instruments: Recognition and Measurement, which had originally been issued
by the International Accounting Standards Committee in March 1999.
The Board had always intended that IFRS 9 Financial Instruments would replace IAS 39 in
its entirety. However, in response to requests from interested parties that the accounting
for financial instruments should be improved quickly, the Board divided its project to
replace IAS 39 into three main phases. As the Board completed each phase, it issued
chapters in IFRS 9 that replaced the corresponding requirements in IAS 39.
In November 2009 the Board issued the chapters of IFRS 9 relating to the classification
and measurement of financial assets. In October 2010 the Board added the requirements
related to the classification and measurement of financial liabilities to IFRS 9. This
includes requirements on embedded derivatives and how to account for changes in own
credit risk on financial liabilities designated under the fair value option.
In October 2010 the Board also decided to carry forward unchanged from IAS 39 the
requirements related to the derecognition of financial assets and financial liabilities.
Because of these changes, in October 2010 the Board restructured IFRS 9 and its Basis for
Conclusions. In December 2011 the Board deferred the mandatory effective date of
In November 2013 the Board added a Hedge Accounting chapter. IFRS 9 permits an entity
to choose as its accounting policy either to apply the hedge accounting requirements of
IFRS 9 or to continue to apply the hedge accounting requirements in IAS 39.
Consequently, although IFRS 9 is effective (with limited exceptions for entities that issue
insurance contracts and entities applying the IFRS for SMEs Standard), IAS 39, which now
contains only its requirements for hedge accounting, also remains effective.
In July 2014 the Board issued the completed version of IFRS 9. The Board made limited
amendments to the classification and measurement requirements for financial assets by
addressing a narrow range of application questions and by introducing a ‘fair value
through other comprehensive income’ measurement category for particular simple debt
instruments. The Board also added the impairment requirements relating to the
accounting for an entity’s expected credit losses on its financial assets and commitments
to extend credit. A new mandatory effective date was also set.
In May 2017 when IFRS 17 Insurance Contracts was issued, it amended the derecognition
requirements in IFRS 9 by permitting an exemption for when an entity repurchases its
financial liability in specific circumstances.
In October 2017 IFRS 9 was amended by Prepayment Features with Negative
Compensation (Amendments to IFRS 9). The amendments specify that particular financial
assets with prepayment features that may result in reasonable negative compensation for
the early termination of such contracts are eligible to be measured at amortised cost or at
fair value through other comprehensive income.
© IFRS Foundation

In September 2019 the Board amended IFRS 9 and IAS 39 by issuing Interest Rate Benchmark
Reform to provide specific exceptions to hedge accounting requirements in IFRS 9 and
IAS 39 for (a) highly probable requirement; (b) prospective assessments; (c) retrospective
assessment (IAS 39 only); and (d) separately identifiable risk components. Interest Rate
Benchmark Reform also amended IFRS 7 to add specific disclosure requirements for hedging
relationships to which an entity applies the exceptions in IFRS 9 or IAS 39.
In August 2020 the Board issued Interest Rate Benchmark Reform―Phase 2 which amended
requirements in IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 relating to:

changes in the basis for determining contractual cash flows of financial assets,
financial liabilities and lease liabilities;

hedge accounting; and

The Phase 2 amendments apply only to changes required by the interest rate benchmark
reform to financial instruments and hedging relationships.
Other Standards have made minor consequential amendments to IFRS 9. They
include Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters (Amendments to
IFRS 1) (issued December 2010), IFRS 10 Consolidated Financial Statements (issued May
2011), IFRS 11 Joint Arrangements (issued May 2011), IFRS 13 Fair Value Measurement (issued
May 2011), IAS 19 Employee Benefits (issued June 2011), Annual Improvements to IFRSs
2010–2012 Cycle (issued December 2013), IFRS 15 Revenue from Contracts with
Customers (issued May 2014), IFRS 16 Leases (issued January 2016), Amendments to References
to the Conceptual Framework in IFRS Standards (issued March 2018), Annual Improvements to
IFRS Standards 2018–2020 (issued May 2020) and Amendments to IFRS 17 (issued June 2020).
© IFRS Foundation

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