The International Accounting Standards Board
(IASB) has proposed to delay the effective date of IFRS 9 Financial
Instruments to 2015.

An IASB exposure draft suggests the date
should be pushed back two years from the initial date 1 January
2013 to align all phases of the project, both complete and ongoing,
to have the same effective date.

Two parts of IFRS 9, hedge accounting and the
expected loss model, have not been completed and the IASB felt it
was necessary to delay the effective implementation date because it
was unrealistic to expect market participants to be ready in time.
The original 2013 date was set in 2009.

EU Internal Markets Commissioner Michel
Barnier has already said the EC will not adopt IFRS 9 until it is
completed in order to assess the whole set of standards.

Early adoption is still an option for
jurisdictions that wish to adopt IFRS 9 sooner.

The exposure draft on the delay is open for
public comment until 21 October and is available to download from
the IFRS website.