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Post Implementation review of IFRS 9: Progress to date
The IASB has now completed its discussions on the topics put forward for the IFRS 9 Post Implementation Review, Classification and Measurement.
As of March 2023, the IASB (International Accounting Standards Board, or the Board) has completed its discussions on the topics put forward in the Post Implementation Review (PIR) for IFRS 9 Financial instruments (IFRS 9) with respect to classification and measurement. It has now published its Project Report and Feedback Statement, which summarises the steps taken, topics discussed, and tentative conclusions reached.
The IASB has commenced a high-priority standard setting project to develop additional application guidance and examples. The objective is to clarify the principles in IFRS 9 in order to address the application challenges identified with regard to financial assets with Environmental, Social or Governance (ESG) linked features
The Board also proposes adding qualitative and quantitative disclosures to IFRS 7 Financial Instruments: Disclosures (IFRS 7) for contingent events that could change the amount or timing in respect of contractual cash flows for financial assets and financial liabilities.
In response to the IFRS Interpretations Committee’s tentative agenda decision on cash received via electronic transfer in settlement of a financial asset, the IASB is addressing the matter as a high priority as part of the PIR.
The IASB expects to publish a single exposure draft (ED) combining all of these proposed amendments to IFRS 9 and IFRS 7 by the end of March 2023.