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:
Phase 1: Classification and measurement
Phase 2: Impairment methodology
Phase 3: Hedge accounting
In addition, the IASB undertook a related project on offsetting of financial assets and financial liabilities.
* IFRS 9 (2013) removed the previous 1 January 2015 mandatory effective date of IFRS 9. At the IASB’s November 2013 meeting, the Board decided that the mandatory effective date of IFRS 9 would not be before 1 January 2017, but that the final effective date will be determined when the classification and measurement and impairment chapters of IFRS 9 are finalized.
IFRS Newsletter: Financial Instruments
IFRS Newsletter: Banking