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

Early application of IFRS 9 is still