Classification and Measurement: Limited Amendments to IFRS 9

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CLASSIFICATION AND MEASUREMENT: LIMITED AMENDMENTS TO IFRS 9 (PROPOSED AMENDMENTS TO IFRS 9 (2010)) CONTENTS from paragraph INTRODUCTION AND INVITATION TO COMMENT IN1 [DRAFT] CLASSIFICATION AND MEASUREMENT: LIMITED AMENDMENTS TO IFRS 9 (PROPOSED AMENDMENTS TO IFRS 9 (2010)) Changes to: CLASSIFICATION OF FINANCIAL ASSETS 4.1.1 SUBSEQUENT MEASUREMENT OF FINANCIAL ASSETS 5.2.1 RECLASSIFICATION OF FINANCIAL ASSETS 5.6.1 GAINS AND LOSSES 5.7.1 EFFECTIVE DATE 7.1.1 TRANSITION 7.2.1 WITHDRAWAL OF IFRIC 9 AND IFRS 9 (2009) 7.3.2 APPENDICES B Application guidance C Amendments to other IFRSs APPROVAL BY THE BOARD OF CLASSIFICATION AND MEASUREMENT: LIMITED AMENDMENTS TO IFRS 9 (PROPOSED AMENDMENTS TO IFRS 9 (2010)) BASIS FOR CONCLUSIONS ALTERNATIVE VIEWS ON EXPOSURE DRAFT [DRAFT] AMENDMENTS TO THE ILLUSTRATIVE EXAMPLE OF IFRS 9 FINANCIAL INSTRUMENTS (2010) [DRAFT] APPENDIX Amendments to the guidance on other IFRSs 3 � IFRS Foundation
Introduction IN1 The International Accounting Standards Board (IASB) has published this Exposure Draft of proposed amendments to IFRS 9 Financial Instruments (issued October 2010)—referred to as IFRS 9 (2010)—to: (a) address specific application questions raised by interested parties; (b) take into account the interaction of the classification and measurement model for financial assets with the IASB’s Insurance Contracts project; and (c) reduce key differences with the US Financial Accounting Standards Board’s (FASB) tentative classification and measurement model for financial instruments. IN2 Accordingly, this Exposure Draft proposes limited amendments to IFRS 9 (2010) to clarify the existing classification and measurement requirements and to introduce a fair value through other comprehensive income (OCI) measurement category for particular financial assets that contain contractual cash flows that are solely payments of principal and interest. This Exposure Draft also proposes that once all chapters of IFRS 9 are completed and the completed version of IFRS 9 is issued, only that version of IFRS 9 would be available for early application, with one exception. That is, the Exposure Draft proposes to permit early application of the requirements issued in October 2010 for the presentation in other comprehensive income of gains or losses attributable to changes in a liability’s credit risk for financial liabilities designated under the fair value option. IN3 The IASB noted that many interested parties have either already applied IFRS 9 early or dedicated significant resources in preparation for its initial application. The IASB is mindful of the extent of change to IFRS 9 and is seeking to minimise the cost and disruption to interested parties. Accordingly, the IASB proposes limited amendments to IFRS 9. The IASB also proposes that the prohibition to newly apply previous versions of IFRS 9 only becomes effective six months after the completed version of IFRS 9 is issued. Next steps EXPOSURE DRAFT–NOVEMBER 2012 IN4 The IASB will consider the comments it receives on the proposals and will decide whether to proceed with amendments to IFRS 9 (2010). � IFRS Foundation 4
Page 1 and 2: November 2012 Exposure Draft ED/201
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EXPOSURE DRAFT-NOVEMBER 2012 In the
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with interest rate mismatches and/o
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EXPOSURE DRAFT-NOVEMBER 2012 (b) an
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EXPOSURE DRAFT-NOVEMBER 2012 BC69 T
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EXPOSURE DRAFT-NOVEMBER 2012 apply
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(c) assess the contractual cash flo
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EXPOSURE DRAFT-NOVEMBER 2012 BC93 T
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credit risk. However, given the con
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BC111 Lastly, the IASB noted that I
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Bifurcation of embedded features in
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Comparability of financial informat
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The business model EXPOSURE DRAFT-N
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EXPOSURE DRAFT-NOVEMBER 2012 normal
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...continued EXPOSURE DRAFT-NOVEMBE
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...continued Reconciliation of stat
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Classification and Measurement: Limited Amendments to IFRS 9

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