Details

  • Service: Audit, Advisory, Accounting Advisory Services (External Financial Reporting Services)
  • Type: Business and industry issue
  • Date: 8/1/2011

Should IFRS 9's effective date be pushed back? 

ED/2011/3 Mandatory Effective Date of IFRS 9 proposes to push back the effective date of IFRS 9 Financial Instruments to annual periods beginning on or after 1 Jan 2015. The extension proposed by the IASB on 4 August 2011 is to allow entities adequate lead time to implement the requirements of all phases of the IAS 39 replacement project at the same time. The exposure draft does not propose extending the limited relief from restatement of comparatives beyond 2011 but asks for comments on this matter.

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Highlights

  • Mandatory effective date proposed to be pushed back to 1 January 2015
  • Proposals do not extend limited relief from restating comparatives
  • Responses due by 21 October 2011