The International Accounting Standards Board has issued the final element of iits own long-awaited financial instruments accounting standard after failing to reach a consensus with the U.S. Financial Accounting Standards Board on key elements related to credit losses and loan impairments.
The package of improvements included in IFRS 9 “Financial Instruments” includes a logical model under International Financial Reporting Standards for classification and measurement, a single, forward-looking “expected loss” impairment model and a substantially-reformed approach to hedge accounting. The new standard will take effect on Jan. 1, 2018 with early application permitted.
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