The IASB published for public comment an exposure draft of proposals to adjust the mandatory effective date of IFRS 9 'Financial Instruments'. The exposure draft proposes an effective date of 1 January 2015 (currently 1 January 2013) for IFRS 9.
In publishing the exposure draft, the IASB noted the importance of aligning all phases of the project (both completed and ongoing) to have the same effective date.
The comment period of the exposure draft closes on 21 October 2011.
The proposed deferral would only change the date when IFRS 9 would be mandatory. Entities could still elect to use IFRS 9 before 2015.
An entity shall apply this IFRS for annual periods beginning on or after 1 January 2015. Earlier application is permitted. However, if an entity elects to apply this IFRS early and has not already applied IFRS 9 issued in 2009, it must apply all of the requirements in this IFRS at the same time (but see also paragraph 7.3.2). If an entity applies this IFRS in its financial statements for a period beginning before 1 January 2015, it shall disclose that fact and at the same time apply the amendments in Appendix C.
Press release
© IASB - International Accounting Standards Board
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EDAmendmentstoIFRS9_August2011.pdf
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