IFRS 9: Financial instruments

A brand new IFRS 

The International Accounting Standards Board (IASB) issued a new International Financial Reporting Standards (IFRS) on the recognition and measurement of financial instruments - IFRS 9.

IFRS 9 replaces the existing IAS 39 "Financial Instruments: Recognition and Measurement" from 1 January 2018 and introduces changes in the following four areas:

  1. Classification and meansurement of financial assets
  2. Accounting for changes in own credit risk in financial liabilities
  3. Impairment
  4. Hedge accounting

The new standard nevertheless retains certain principles in IAS 39. For example, the requirements on derecognition of financial assets and liabilities as well as classification and measurement of financial liabilities remain unchanged.

Implementing IFRS 9 won't be easy. The smooth and successful implementation of IFRS 9 will depend on the type and complexity of the financial instruments held and whether changes to current systems and processes were made.

Below are some potential implementation challenges that you could face.

Talk to us to find out how we can help you address some of these challenges.

 

Related video series

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Demystifying IFRS 9 for Corporates

In the first of the series, PwC's IFRS 9 accounting technical specialists, Sandra Thompson and Nitassha Somai, highlight what the main impacts are likely to be for Corporates, and provide some practical tips to bear in mind. Forthcoming videos will consider the classification & measurement, impairment and hedge

Playback of this video is not currently available

Demystifying IFRS 9 Impairment

IFRS 9's new impairment requirements for financial instruments are a big change from the existing IAS 39 guidance. Banks will be particularly impacted. In this video, the first of a series, PwC's IFRS 9 accounting technical specialists, Sandra Thompson and Mark Randall, highlight the key issues. Forthcoming videos

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Get in touch

Tran Hong Kien

Partner, Assurance Services, PwC Vietnam

Tel: +84 24 3946 2246

Dinh Hong Hanh

Partner, Financial Services Leader, PwC Vietnam

Tel: +84 24 3946 2246

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