The IASB issued the final version of the IFRS 9 Financial Instruments standard, replacing IAS 39 and all previous versions of the standard.
The standard includes a model for classification and measurement, an expected credit loss impairment model and a revised approach to hedge accounting. Mandatory adoption of IFRS 9 will begin for annual reporting periods on or after January 1, 2018.
IFRS 9 affects nearly all businesses and may require significant adjustments to your systems, processes and data.
For many businesses, the new requirements will be complex, and having a transition plan will be key. We realise that change is never easy, but it is important. Call us today to find out how we can help you develop and implement your plan to ensure compliance and effective stakeholder communication by 2018.