Thursday, October 7, 2021
Your feedback is requested to inform the IASB’s Post-implementation review of the classification and measurement requirements including the related disclosure requirements in IFRS 9 Financial Instruments.
IFRS 9 specifies how an entity is required to classify and measure financial assets and financial liabilities as well as some contracts to buy or sell non-financial items.
Reviews of the impairment and hedge accounting requirements in IFRS 9 will follow later.
The IASB undertakes a post-implementation review of each new IFRS Standard or major amendment to a Standard after companies have applied it for at least two years. These reviews offer the IASB the opportunity to assess the effect of the new requirements.
The AASB’s policy is to incorporate International Financial Reporting Standards (IFRS Standards) into Australian Accounting Standards applicable to for-profit and not-for-profit entities in the private sector or the public sector. Accordingly, the AASB is inviting comments on any of the questions listed in the Questions for Respondents section of the IASB Request for Information.