An International Accounting Standards Board
(IASB) staff paper has called for the mandatory application date of
IFRS 9 to be delayed until 2015.
Due to the fact that impairment and hedging
phases of the project to replace IAS 39 and the insurance project
are not yet complete, the paper recommends the board should
consider moving the mandatory effective date of IFRS 9 to annual
periods beginning on or after 1 January 2015.
This change is also consistent with the
comments received in response to the request for views and the
board’s prior intention to transition concurrently to all phases of
the project to replace IAS 39, as well as the potential effective
date of the proposed insurance contracts guidance.
IFRS 9 is currently required to be applied for
annual reporting periods beginning on or after 1 January 2013. The
paper is scheduled to be discussed at the IASB’s meeting on 20-22