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IFRS 9 Financial Instruments: tips and advice for implementation

In the last weeks of the year, any companies reporting under IFRS but not operating in the financial services sector per se, need to consider the implications of IFRS 9 Financial Instruments. Steve Hubbard, director, DPP accounting & reporting at KPMG LLP examines some of the critical issues to consider

Many entities outside of the financial sector have been concentrating on the application of the new revenue standard, IFRS 15. Now that those projects are hopefully up and running many of these entities are now turning their thoughts to the application of the new financial instruments standard, IFRS 9.  

IFRS 9, like IFRS 15, is effective for years beginning on or after 1 January 2018. For December year ends the initial application date of IFRS 9 is 1 January 2018. 

So, if you have a December year end, then unless you are reading this article online in December 2017 your initial application date for IFRS 9 will already have passed. I discuss the consequence of this below.

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