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In November 2012, the IASB issued the ED Classification and Measurement: Limited Amendments to IFRS 9 to propose changes in the classification and measurement requirements in IFRS 9 Financial Instruments. As a consequence of the transition from IAS 39 to the new classification and measurement requirements in IFRS 9, as modified by the ED, entities might need to measure at fair value some financial assets that are currently measured at amortised cost, or the other way around. EFRAG and National Standard-Setters are performing a joint field test on how the new requirements would affect the current classification and measurement of financial assets.
What is the objective of the field test?
This field test is meant to identify in what circumstances in practice the application of the new requirements in IFRS 9, as modified by the ED, would lead to changes in the current classification and measurement of financial assets under IAS 39; and to gather information on the characteristics of the financial assets involved, their relative significance and the high level reasons for those changes.
When and how will the field test be conducted?
The field test starts today and completed questionnaires should be returned by 5 April, 2013.
EFRAG and the National Standard-Setters have developed a questionnaire which participants are requested to complete. The questionnaire asks participants to identify those financial assets for which the measurement basis would change as a result of the transition to IFRS 9, as modified by the ED. Additionally, follow-up interviews are expected to be conducted by EFRAG and National Standard Setters.
The information provided during the field test to EFRAG and the National Standard-Setters will remain confidential. Information used in any reports will be presented in such a way that no individual company or person can be identified. However, the list of participants in the field test will be made public, unless participants explicitly request anonymity. The output of the field test will be shared between EFRAG, the National Standard-Setters, the European Commission and the IASB.
See press release for how and where to apply.