Since the first of January 2018 the IFRS 9 method is introduced. With the IFRS 9 it is specified how one should classify and measure certain financial attributes. In example, this can be financial contracts, financial liabilities and/or financial assets. This instrument replaced the IAS 39, as it was deemed that the latter approach was too complex, complicated and caused inconsistency. Due to the financial crisis the IAS 39 approach was reconsidered and prioritized, which caused the introduction of the new method at the start of 2018. If you want to know more about the IFRS 9 instrument and how it works, then do read along as we will answer frequently asked questions below.
What IFRS 9 deals with
This instrument deals with various aspects of financial attributes, like:
- Classification and measurements of financial assets
- Impairment
- Hedging
- Derecognition of financial assets
- Scope
- Recognition of financial assets
The main purpose of the IFRS 9 instrument is that it is a prevention measure specifically designed and tailored to the classification and measurement of financial attributes and assets. With this new implementation and new form, fewer exceptions are included, which makes the model easier to navigate and use. As the website of IFRS 9 describes: “The new standard is based on the concept that financial assets should be classified and measured at fair value, with changes in fair value recognized in profit and loss as they arise, unless restrictive criteria are met for classifying and measuring the assets at either Amortized Cost or Fair Value Through Other Comprehensive Income”.
Finding a complete and comprehensive overview of IFRS 9
Googling on this topic can be hard to navigate. Many results turn up with complicated and scattered information. Rather than providing you with a short and sweet overview of what to expect of the new instrument implementation. And, this is exactly where annualreporting.info comes in. They have dedicated their website to IFRS topics, summaries, comparisons, standards and definitions. They even made a page with all the IFRS jargon explained, so even when you do not have loads of experience with this instrument yet, you can grasp the material. You can find information specifically targeted towards the IFRS 9 instrument by clicking here. On this page you will find an overview, short and comprehensive, and summary. Yet, do not be afraid to miss out on any information, because it is all complete. So, you no longer have to spend loads of time on the internet struggling to piece every part of information together.
Go to annualreporting.info and get all the IFRS info you need
If you want to know more specifically about IFRS 9, annualreporting.info is right there for you. Even if you want to know more about IFRS 2 up until 16. This knowledge base is specifically designed to give you all the information in a simple, yet comprehensive and complete way. Visit their website and get ready to learn all about this new instrument. Did this article make you excited or do you simply want to learn more about this topic? then you are also in the right place on the website: annualreporting.info.”>www.annualreporting.info.
