IFRS 9, Financial Instruments, is undoubtedly the biggest change for financial instruments since the mandatory application of IAS 39, Financial Instruments: Recognition and Measurement, in 2005. Considering the three phases of IFRS 9, the classification and measurement (phase 1) and impairment (phase 2) are the most pressing, with a deadline of 2018.

That IFRS 9 will have a multi-department impact is, of course, a given. Regulators seem to be pushing for a ‘one model fits all’ for Basel, as well as IFRS, despite their differences. It can be argued that the base model, at least, should be the same.

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