The International Accounting Standards Board (IASB) has deferred the mandatory effective date of IFRS 9 Financial Instruments from 1 January 2013 to 1 January 2015.
The IASB said the decision was taken to synchronise all phases of the project on the same mandatory effective date.
The change also provides relief from the requirement to restate comparative financial statements for the effect of applying IFRS 9.
This relief was originally only available to companies that chose to apply IFRS 9 prior to 2012. Instead, additional transition disclosures will be required to help investors understand the effect that the initial application of IFRS 9 has on the classification and measurement of financial instruments.
Early application of IFRS 9 is still permitted.