EFRAG endorses IFRS 9 as IASB hints at deferral

The European Financial Reporting Advisory Group (EFRAG), responsible for reviewing new International Financial Reporting Standards (IFRS) for use across EU member states, has endorsed the use of IFRS 9, Financial Instruments, from the beginning of 2018 and has sent its recommendations to the European Commission, but admits the move will create problems initially for the insurance industry

This comes as the International Accounting Standards Board (IASB) has announced it is considering a deferral of IFRS 9 due to the ongoing problems over the insurance implementation plans.

IFRS 9 is set to replace IAS 39, Financial Instruments: Recognition and Measurement and provides a principle-based approach to the recognition and measurement of financial instruments. It is effective for annual reporting periods beginning on or after 1 January 2018.

Your free features:

Breaking news and expert analysis
Customisable daily newsletters
Six free CPD learning modules each year
Personalised CPD tracker
Top 75 Firms league tables
Regulatory changes
Hardman’s Tax Data

Finance | UK GAAP changes to revenue and financial instruments: part three

Finance | IASB clarifies fair value rules in IAS 28

Finance | IFRS 20 to improve financial reporting for utilities and transport

Finance | Minor amendments to FRS 101 to improve clarity

Finance | Urgent amendment to IFRS for SMEs on consolidation exception

Navigate

Tax Services

Your free features:

Sign up to Business & Accountancy Daily