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IFRS 9 Financial Instruments was finalised in July 2014. It sets out the requirements for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items.
The Standard supersedes IAS 39 Financial Instruments: Recognition and Measurement in its entirety. IFRS 9 is effective for annual reporting periods beginning on or after 1 January 2018. Early application is permitted.
IFRS 15 Revenue from Contracts with Customers was finalised in May 2014. It establishes the principles for reporting useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity's contracts with customers.
The Standard supersedes IAS 11 Construction Contracts, IAS 18Revenue, IFRIC 13 Customer Loyalty Programmes, IFRIC 15 Agreements for the Construction of Real Estate, IFRIC 18 Transfers of Assets from Customers and SIC-31 Revenue—Barter Transactions Involving Advertising Services.
IFRS 15 is effective for annual reporting periods beginning on or after 1 January 2018. Early application is permitted.