Since November 2008, the IASB has been working to replace its financial instruments standard (IAS 39) with an improved and simplified standard. The IASB has structured its project to replace IAS 39 in three phases:
In addition, the IASB undertook a related project on offsetting of financial assets and financial liabilities.
The current work plan anticipates significant progress in 2013, which will be necessary to maintain an effective date for IFRS 9 of 1 January 2015.
