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href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><table class="sidebar sidebar-collapse nomobile nowraplinks accounting"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Accounting" title="Category:Accounting">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Accounting" title="Accounting">Accounting</a></th></tr><tr><td class="sidebar-image"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:Ledger.png" class="mw-file-description" title="Early 19th-century German ledger"><img alt="Early 19th-century German ledger" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Ledger.png/200px-Ledger.png" decoding="async" width="200" height="105" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Ledger.png/300px-Ledger.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Ledger.png/400px-Ledger.png 2x" data-file-width="1706" data-file-height="896" /></a></span></td></tr><tr><td class="sidebar-above"> <div class="hlist"><ul><li><a href="/wiki/Constant_purchasing_power_accounting" title="Constant purchasing power accounting">Constant purchasing power</a></li><li><a href="/wiki/Historical_cost" title="Historical cost">Historical cost</a></li><li><a href="/wiki/Management_accounting" title="Management accounting">Management</a></li><li><a href="/wiki/Tax_accounting_in_the_United_States" title="Tax accounting in the United States">Tax</a></li></ul></div></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed noborder"><div class="sidebar-list-title" style="color: var(--color-base)">Major types</div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/Audit" title="Audit">Audit</a></li><li><a href="/wiki/Budget" title="Budget">Budget</a></li><li><a href="/wiki/Cost_accounting" title="Cost accounting">Cost</a></li><li><a href="/wiki/Forensic_accounting" title="Forensic accounting">Forensic</a></li><li><a href="/wiki/Financial_accounting" title="Financial accounting">Financial</a></li><li><a href="/wiki/Fund_accounting" title="Fund accounting">Fund</a></li><li><a href="/wiki/Governmental_accounting" title="Governmental accounting">Governmental</a></li><li><a href="/wiki/Management_accounting" title="Management accounting">Management</a></li><li><a href="/wiki/Social_accounting" title="Social accounting">Social</a></li><li><a href="/wiki/Tax_accounting" class="mw-redirect" title="Tax accounting">Tax</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)">Key concepts</div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/Accounting_period" title="Accounting period">Accounting period</a></li><li><a href="/wiki/Accrual" title="Accrual">Accrual</a></li><li><a href="/wiki/Constant_purchasing_power_accounting" title="Constant purchasing power accounting">Constant purchasing power</a></li><li><a href="/wiki/Economic_entity" title="Economic entity">Economic entity</a></li><li><a href="/wiki/Fair_value" title="Fair value">Fair value</a></li><li><a href="/wiki/Going_concern" title="Going concern">Going concern</a></li><li><a href="/wiki/Historical_cost" title="Historical cost">Historical cost</a></li><li><a href="/wiki/Matching_principle" title="Matching principle">Matching principle</a></li><li><a href="/wiki/Materiality_(auditing)" title="Materiality (auditing)">Materiality</a></li><li><a href="/wiki/Revenue_recognition" title="Revenue recognition">Revenue recognition</a></li><li><a href="/wiki/Unit_of_account" title="Unit of account">Unit of account</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)">Selected accounts</div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/Asset" title="Asset">Assets</a></li><li><a href="/wiki/Cash" title="Cash">Cash</a></li><li><a href="/wiki/Cost_of_goods_sold" title="Cost of goods sold">Cost of goods sold</a></li><li><a href="/wiki/Depreciation" title="Depreciation">Depreciation</a> / <a href="/wiki/Amortization_(business)" class="mw-redirect" title="Amortization (business)">Amortization (business)</a></li><li><a href="/wiki/Equity_(finance)" title="Equity (finance)">Equity</a></li><li><a href="/wiki/Expense" title="Expense">Expenses</a></li><li><a href="/wiki/Goodwill_(accounting)" title="Goodwill (accounting)">Goodwill</a></li><li><a href="/wiki/Liability_(financial_accounting)" title="Liability (financial accounting)">Liabilities</a></li><li><a href="/wiki/Profit_(accounting)" title="Profit (accounting)">Profit</a></li><li><a href="/wiki/Revenue" title="Revenue">Revenue</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)"><a href="/wiki/Accounting_standard" title="Accounting standard">Accounting standards</a></div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/Generally_accepted_accounting_principles" class="mw-redirect" title="Generally accepted accounting principles">Generally-accepted principles</a></li><li><a href="/wiki/Generally_accepted_auditing_standards" class="mw-redirect" title="Generally accepted auditing standards">Generally-accepted auditing standards</a></li><li><a href="/wiki/Convergence_of_accounting_standards" title="Convergence of accounting standards">Convergence</a></li><li><a href="/wiki/International_Financial_Reporting_Standards" title="International Financial Reporting Standards">International Financial Reporting Standards</a></li><li><a href="/wiki/International_Standards_on_Auditing" title="International Standards on Auditing">International Standards on Auditing</a></li><li><a href="/wiki/Management_Accounting_Principles" class="mw-redirect" title="Management Accounting Principles">Management Accounting Principles</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)"><a href="/wiki/Financial_statement" title="Financial statement">Financial statements</a></div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/Annual_report" title="Annual report">Annual report</a></li><li><a href="/wiki/Balance_sheet" title="Balance sheet">Balance sheet</a></li><li><a href="/wiki/Cash_flow_statement" title="Cash flow statement">Cash-flow</a></li><li><a href="/wiki/Statement_of_changes_in_equity" title="Statement of changes in equity">Equity</a></li><li><a href="/wiki/Income_statement" title="Income statement">Income</a></li><li><a href="/wiki/Management_discussion_and_analysis" class="mw-redirect" title="Management discussion and analysis">Management discussion</a></li><li><a href="/wiki/Notes_to_the_financial_statements" class="mw-redirect" title="Notes to the financial statements">Notes to the financial statements</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)"><a href="/wiki/Bookkeeping" title="Bookkeeping">Bookkeeping</a></div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/Bank_reconciliation" title="Bank reconciliation">Bank reconciliation</a></li><li><a href="/wiki/Debits_and_credits" title="Debits and credits">Debits and credits</a></li><li><a href="/wiki/Double-entry_bookkeeping_system" class="mw-redirect" title="Double-entry bookkeeping system">Double-entry system</a></li><li><a href="/wiki/FIFO_and_LIFO_accounting" title="FIFO and LIFO accounting">FIFO and LIFO</a></li><li><a href="/wiki/General_journal" title="General journal">Journal</a></li><li><a href="/wiki/Ledger" title="Ledger">Ledger</a> / <a href="/wiki/General_ledger" title="General ledger">General ledger</a></li><li><a href="/wiki/Trial_balance" title="Trial balance">Trial balance</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)"><a href="/wiki/Audit" title="Audit">Auditing</a></div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/Financial_audit" title="Financial audit">Financial</a></li><li><a href="/wiki/Internal_audit" title="Internal audit">Internal</a></li><li><a href="/wiki/Accounting_networks_and_associations" class="mw-redirect" title="Accounting networks and associations">Firms</a></li><li><a href="/wiki/Auditor%27s_report" title="Auditor's report">Report</a></li><li><a href="/wiki/Sarbanes%E2%80%93Oxley_Act" title="Sarbanes–Oxley Act">Sarbanes–Oxley Act</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)">People and organizations</div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/Accountant" title="Accountant">Accountants</a></li><li><a href="/wiki/Category:Accounting_organizations" title="Category:Accounting organizations">Accounting organizations</a></li><li><a href="/wiki/Luca_Pacioli" title="Luca Pacioli">Luca Pacioli</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)">Development</div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/History_of_accounting" title="History of accounting">History</a></li><li><a href="/wiki/Accounting_research" title="Accounting research">Research</a></li><li><a href="/wiki/Positive_accounting" title="Positive accounting">Positive accounting</a></li><li><a href="/wiki/Sarbanes%E2%80%93Oxley_Act" title="Sarbanes–Oxley Act">Sarbanes–Oxley Act</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)">Misconduct</div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/Creative_accounting" title="Creative accounting">Creative</a></li><li><a href="/wiki/Earnings_management" title="Earnings management">Earnings management</a></li><li><a href="/wiki/Error_account" title="Error account">Error account</a></li><li><a href="/wiki/Hollywood_accounting" title="Hollywood accounting">Hollywood</a></li><li><a href="/wiki/Off-balance-sheet" title="Off-balance-sheet">Off-balance-sheet</a></li><li><a href="/wiki/Two_sets_of_books" title="Two sets of books">Two sets of books</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Accounting" title="Template:Accounting"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Accounting" title="Template talk:Accounting"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Accounting" title="Special:EditPage/Template:Accounting"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>IFRS 9</b> is an <a href="/wiki/International_Financial_Reporting_Standard" class="mw-redirect" title="International Financial Reporting Standard">International Financial Reporting Standard</a> (IFRS) published by the <a href="/wiki/International_Accounting_Standards_Board" title="International Accounting Standards Board">International Accounting Standards Board</a> (IASB). It addresses the accounting for <a href="/wiki/Financial_instrument" title="Financial instrument">financial instruments</a>. It contains three main topics: classification and measurement of financial instruments, <a href="/wiki/Revaluation_of_fixed_assets" title="Revaluation of fixed assets">impairment</a> of <a href="/wiki/Financial_asset" title="Financial asset">financial assets</a> and <a href="/wiki/Hedge_accounting" title="Hedge accounting">hedge accounting</a>. The standard came into force on 1 January 2018, replacing the earlier IFRS for financial instruments, <a href="/wiki/IAS_39" title="IAS 39">IAS 39</a>. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=IFRS_9&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>IFRS 9 began as a joint project between IASB and the <a href="/wiki/Financial_Accounting_Standards_Board" title="Financial Accounting Standards Board">Financial Accounting Standards Board</a> (FASB), which promulgates accounting standards in the United States. The boards published a joint discussion paper in March 2008 proposing an eventual goal of reporting all financial instruments at <a href="/wiki/Fair_value" title="Fair value">fair value</a>, with all changes in fair value reported in <a href="/wiki/Net_income" title="Net income">net income</a> (FASB) or <a href="/wiki/Net_income" title="Net income">profit and loss</a> (IASB).<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Due to the <a href="/wiki/2007%E2%80%932008_financial_crisis" class="mw-redirect" title="2007–2008 financial crisis">2007–2008 financial crisis</a>, the boards revised their accounting standards for financial instruments to address perceived deficiencies which were believed to have contributed to the magnitude of the crisis.<sup id="cite_ref-ifrs9_2-0" class="reference"><a href="#cite_note-ifrs9-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>The boards disagreed on several important issues, and also took different approaches to developing the new financial instruments standard.<sup id="cite_ref-insurance_3-0" class="reference"><a href="#cite_note-insurance-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> FASB attempted to develop a comprehensive standard that would address classification and measurement, impairment and hedge accounting at the same time, and issued an exposure draft of a standard addressing all three components in 2010.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-insurance_3-1" class="reference"><a href="#cite_note-insurance-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> In contrast, the IASB attempted to develop the new standard in phases, releasing each component of the new standard separately.<sup id="cite_ref-insurance_3-2" class="reference"><a href="#cite_note-insurance-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-kpmg1_5-0" class="reference"><a href="#cite_note-kpmg1-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> In 2009, IASB issued the first portion of IFRS, covering classification and measurement of financial assets.<sup id="cite_ref-kpmg1_5-1" class="reference"><a href="#cite_note-kpmg1-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-deloitte1_6-0" class="reference"><a href="#cite_note-deloitte1-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> This was intended to replace the asset classification and measurement sections of IAS 39, but not supersede other sections of IAS 39.<sup id="cite_ref-kpmg1_5-2" class="reference"><a href="#cite_note-kpmg1-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-deloitte1_6-1" class="reference"><a href="#cite_note-deloitte1-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> In 2010, IASB issued another portion of IFRS 9, primarily covering classification and measurement of financial liabilities and also addressing aspects of applying <a href="/w/index.php?title=Fair_value_option&action=edit&redlink=1" class="new" title="Fair value option (page does not exist)">fair value option</a> and bifurcating <a href="/wiki/Derivative_(finance)" title="Derivative (finance)">embedded derivatives</a>.<sup id="cite_ref-kpmg2_7-0" class="reference"><a href="#cite_note-kpmg2-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>Certain elements of IFRS 9 as issued were criticized by some key IASB constituents. The model for classifying <a href="/wiki/Debt" title="Debt">debt instrument</a> assets permitted only two approaches, fair value with all changes in fair value reported in profit and loss (FVPL), or <a href="/wiki/Amortized_cost" class="mw-redirect" title="Amortized cost">amortized cost</a>.<sup id="cite_ref-2012ed_9-0" class="reference"><a href="#cite_note-2012ed-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> This represented a significant deviation from FASB decisions, which would also have a category of fair value with certain changes in fair value reported in <a href="/wiki/Other_comprehensive_income" class="mw-redirect" title="Other comprehensive income">other comprehensive income</a> (FVOCI).<sup id="cite_ref-insurance_3-3" class="reference"><a href="#cite_note-insurance-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> In addition to creating significant divergence with FASB, the lack of a FVOCI category would have been inconsistent with the accounting model being developed by the IASB for insurance contracts.<sup id="cite_ref-2012ed_9-1" class="reference"><a href="#cite_note-2012ed-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-ey_10-0" class="reference"><a href="#cite_note-ey-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-insurance_3-4" class="reference"><a href="#cite_note-insurance-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> There were also concerns that the criteria for qualifying for the amortized cost category were overly stringent and would force many financial instruments to be reported at fair value even though they could be appropriately accounted for at amortized cost.<sup id="cite_ref-2012ed_9-2" class="reference"><a href="#cite_note-2012ed-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> To address these concerns, IASB issued an exposure draft in 2012 proposing limited amendments to the classification and measurement of financial instruments.<sup id="cite_ref-2012ed_9-3" class="reference"><a href="#cite_note-2012ed-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>Meanwhile, IASB and FASB worked together to develop a model for impairment of financial assets. IASB issued an exposure draft proposing an impairment model in 2013.<sup id="cite_ref-impairment_11-0" class="reference"><a href="#cite_note-impairment-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> FASB decided to propose an alternative impairment model.<sup id="cite_ref-impairment_11-1" class="reference"><a href="#cite_note-impairment-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> IASB was also developing its hedge accounting model independently of FASB, and issued that portion of the IFRS 9 standard in 2013.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> The final IFRS 9 standard, including hedge accounting, impairment, and the amended classification and measurement guidance, was issued on 24 July 2014.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>Early evidence on the market reaction to the IFRS 9 in Europe suggests overall a positive response to the IFRS 9, although heterogeneities across countries exist.<sup id="cite_ref-JAPP2014_14-0" class="reference"><a href="#cite_note-JAPP2014-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Classification_and_measurement">Classification and measurement</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=IFRS_9&action=edit&section=2" title="Edit section: Classification and measurement"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>As amended, IFRS 9 had four possible classification categories for financial assets, including a FVOCI classification for debt instruments.<sup id="cite_ref-ey_10-1" class="reference"><a href="#cite_note-ey-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> The classification is dependent on two tests, a contractual cash flow test (named SPPI as Solely Payments of Principal and Interest) and a business model assessment.<sup id="cite_ref-ey_10-2" class="reference"><a href="#cite_note-ey-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-dt_15-0" class="reference"><a href="#cite_note-dt-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> Unless the asset meets the requirements of both tests, it is measured at fair value with all changes in fair value reporting in profit and loss (FVPL).<sup id="cite_ref-ey_10-3" class="reference"><a href="#cite_note-ey-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> In order to meet the contractual cash flow test, the cash flows from the instrument must consist of only <a href="/wiki/Principal_(finance)" class="mw-redirect" title="Principal (finance)">principal</a> and <a href="/wiki/Interest" title="Interest">interest</a>.<sup id="cite_ref-ey_10-4" class="reference"><a href="#cite_note-ey-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> Among the amendments to classification and measurement made in the 2014 update, <i>de minimis</i> and "non-genuine" features can be disregarded from the test, meaning that a <i>de minimis</i> feature would not preclude an instrument from being reported at amortized cost or FVOCI.<sup id="cite_ref-ey_10-5" class="reference"><a href="#cite_note-ey-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> However, <a href="/wiki/Equity_(finance)" title="Equity (finance)">equity</a> instruments, <a href="/wiki/Derivative_(finance)" title="Derivative (finance)">derivatives</a> and instruments that contain other than <i>de minimis</i> embedded derivatives would have to be reported at FVPL.<sup id="cite_ref-ey_10-6" class="reference"><a href="#cite_note-ey-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>If the asset passes the contractual cash flows test, the business model assessment determines how the instrument is classified. If the instrument is being held to collect contractual cash flows, i.e., it is not expected to be sold, it is classified as amortized cost.<sup id="cite_ref-ey_10-7" class="reference"><a href="#cite_note-ey-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> If the business model for the instrument is to both collect contractual cash flows and potentially sell the asset, it is reported at FVOCI.<sup id="cite_ref-ey_10-8" class="reference"><a href="#cite_note-ey-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-dt_15-1" class="reference"><a href="#cite_note-dt-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> For a FVOCI asset, the amortized cost basis is used to determine profit and loss, but the asset is reported at fair value on the <a href="/wiki/Balance_sheet" title="Balance sheet">balance sheet</a>, with the difference between amortized cost and fair value reported in <a href="/wiki/Other_comprehensive_income" class="mw-redirect" title="Other comprehensive income">other comprehensive income</a>.<sup id="cite_ref-dt_15-2" class="reference"><a href="#cite_note-dt-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> For any other business model, such as holding the asset for trading, the asset is reported at FVPL.<sup id="cite_ref-ey_10-9" class="reference"><a href="#cite_note-ey-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>IFRS 9 retained most of the measurement guidance for liabilities from IAS 39, meaning most financial liabilities are held at amortized cost,<sup id="cite_ref-ey_10-10" class="reference"><a href="#cite_note-ey-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> the only change relating to liabilities that utilize the fair value option.<sup id="cite_ref-ey_10-11" class="reference"><a href="#cite_note-ey-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> For those liabilities, the change in fair value related to the entity's own credit standing is reported in other comprehensive income rather than profit and loss.<sup id="cite_ref-ey_10-12" class="reference"><a href="#cite_note-ey-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>IFRS 9 retained the concept of fair value option from IAS 39, but revised the criteria for financial assets.<sup id="cite_ref-ey_10-13" class="reference"><a href="#cite_note-ey-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-dt_15-3" class="reference"><a href="#cite_note-dt-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> Under a fair value option, an asset or liability that would otherwise be reported at amortized cost or FVOCI can use FVPL instead. IFRS 9 also incorporated a FVOCI option for certain equity instruments that are not held for trading.<sup id="cite_ref-ey_10-14" class="reference"><a href="#cite_note-ey-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> Under this option, the instrument is reported at FVOCI similar to FVOCI for debt. However, this version of FVOCI does not permit "recycling."<sup id="cite_ref-ey_10-15" class="reference"><a href="#cite_note-ey-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> Whereas when debt instruments using FVOCI are sold, the gain or loss on sale is "recycled" from other comprehensive income to profit and loss,<sup id="cite_ref-dt_15-4" class="reference"><a href="#cite_note-dt-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> for FVOCI equities the gain or loss is never reported in profit and loss, but rather remains in other comprehensive income. </p> <div class="mw-heading mw-heading2"><h2 id="Impairment">Impairment</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=IFRS_9&action=edit&section=3" title="Edit section: Impairment"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>IFRS 9 requires an impairment allowance against the amortized cost of financial assets held at amortized cost or FVOCI.<sup id="cite_ref-dt_15-5" class="reference"><a href="#cite_note-dt-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> The change in this allowance is reported in profit and loss.<sup id="cite_ref-dt_15-6" class="reference"><a href="#cite_note-dt-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> For most such assets, when the asset is acquired the impairment allowance is measured as the <a href="/wiki/Present_value" title="Present value">present value</a> of credit losses from default events projected over the next 12 months.<sup id="cite_ref-dt_15-7" class="reference"><a href="#cite_note-dt-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> The allowance will continue to be based on the expected losses from defaults on the receivables recognised at the balance sheet date in the next 12 months following, unless there is a significant increase in <a href="/wiki/Credit_risk" title="Credit risk">credit risk</a> ("SICR").<sup id="cite_ref-dt_15-8" class="reference"><a href="#cite_note-dt-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> If there is a significant increase in credit risk, the allowance is measured as the present value of all credit losses projected for the instrument over its full lifetime.<sup id="cite_ref-dt_15-9" class="reference"><a href="#cite_note-dt-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> If the credit risk recovers, the allowance can once again be limited to the projected credit losses over the following 12 months.<sup id="cite_ref-kpmg3_16-0" class="reference"><a href="#cite_note-kpmg3-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>An exception to the general impairment model applies to financial assets that are credit impaired when they were originally acquired.<sup id="cite_ref-dt_15-10" class="reference"><a href="#cite_note-dt-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> For these assets, the impairment allowance is always based on the change in projected lifetime credit losses since the asset was acquired.<sup id="cite_ref-dt_15-11" class="reference"><a href="#cite_note-dt-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>The new impairment model is intended to address a criticism of the impairment model used during the <a href="/wiki/2007%E2%80%932008_financial_crisis" class="mw-redirect" title="2007–2008 financial crisis">2007–2008 financial crisis</a>, that it allowed companies to delay recognition of asset impairments.<sup id="cite_ref-ifrs9_2-1" class="reference"><a href="#cite_note-ifrs9-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> The new model requires companies to more quickly recognize projected lifetime losses.<sup id="cite_ref-ifrs9_2-2" class="reference"><a href="#cite_note-ifrs9-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> FASB elected to use a different approach to accelerating recognition of impairment losses, requiring full lifetime recognition from the time the asset is acquired, referred to as the <a href="/wiki/Current_Expected_Credit_Losses" title="Current Expected Credit Losses">Current Expected Credit Losses</a> or CECL model.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> Under both IFRS 9 and the FASB model there will be a loss, to the extent of the allowance, when most assets covered by this guidance are acquired.<sup id="cite_ref-insurance2_18-0" class="reference"><a href="#cite_note-insurance2-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> This loss will be smaller under the IFRS 9 model, due to the 12 month limit.<sup id="cite_ref-insurance2_18-1" class="reference"><a href="#cite_note-insurance2-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Hedge_accounting">Hedge accounting</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=IFRS_9&action=edit&section=4" title="Edit section: Hedge accounting"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>IFRS 9 updated the guidance for <a href="/wiki/Hedge_accounting" title="Hedge accounting">hedge accounting</a>. The intent was to "[align] the accounting treatment with risk management activities, enabling entities to reflect better these activities in their financial statements."<sup id="cite_ref-ifrs9_2-3" class="reference"><a href="#cite_note-ifrs9-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> The changes also make it more feasible for non-financial entities to use hedge accounting.<sup id="cite_ref-ey2_19-0" class="reference"><a href="#cite_note-ey2-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> The changes permit more use of hedge accounting for components of instruments and groups of contracts, and ease the hedge effectiveness test;<sup id="cite_ref-ey2_19-1" class="reference"><a href="#cite_note-ey2-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> see <a href="/wiki/Hedge_relationship_(finance)" class="mw-redirect" title="Hedge relationship (finance)">Hedge relationship (finance)</a>. They also enhance the disclosures related to hedges and risk management with a requirement to refer to a formal risk management strategy or describe it clearly in the hedge documentation.<sup id="cite_ref-ifrs9_2-4" class="reference"><a href="#cite_note-ifrs9-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-ey2_19-2" class="reference"><a href="#cite_note-ey2-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=IFRS_9&action=edit&section=5" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/IFRS_7" title="IFRS 7">IFRS 7</a>, <i>Financial Instruments: Disclosures</i></li> <li><a href="/wiki/List_of_International_Financial_Reporting_Standards" title="List of International Financial Reporting Standards">List of International Financial Reporting Standards</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=IFRS_9&action=edit&section=6" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free 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Retrieved <span class="nowrap">2014-08-31</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Hedge+accounting+under+IFRS+9&rft.pub=Ernst+%26+Young&rft.date=2014-02&rft_id=http%3A%2F%2Fwww.ey.com%2FPublication%2FvwLUAssets%2FApplying_IFRS%3A_Hedge_accounting_under_IFRS_9%2F%24File%2FApplying_Hedging_Feb2014.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AIFRS+9" class="Z3988"></span></span> </li> </ol></div></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output 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style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:International_Financial_Reporting_Standards" title="Template:International Financial Reporting Standards"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:International_Financial_Reporting_Standards" title="Template talk:International Financial Reporting Standards"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:International_Financial_Reporting_Standards" title="Special:EditPage/Template:International Financial Reporting Standards"><abbr title="Edit this 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class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/International_Accounting_Standards_Committee" title="International Accounting Standards Committee">International Accounting Standards Committee </a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Selected <a href="/wiki/Accounting_standards" class="mw-redirect" title="Accounting standards">standards</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">IFRS</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/IFRS_1" title="IFRS 1">1</a></li> <li><a href="/wiki/IFRS_2" title="IFRS 2">2</a></li> <li><a href="/wiki/IFRS_4" title="IFRS 4">4</a></li> <li><a href="/wiki/IFRS_5" title="IFRS 5">5</a></li> <li><a href="/wiki/IFRS_7" title="IFRS 7">7</a></li> <li><a class="mw-selflink selflink">9</a></li> <li><a href="/wiki/IFRS_10,_11_and_12" title="IFRS 10, 11 and 12">10</a></li> <li><a href="/wiki/IFRS_10,_11_and_12" title="IFRS 10, 11 and 12">11</a></li> <li><a href="/wiki/IFRS_10,_11_and_12" title="IFRS 10, 11 and 12">12</a></li> <li><a href="/wiki/IFRS_13" class="mw-redirect" title="IFRS 13">13</a></li> <li><a href="/wiki/IFRS_15" title="IFRS 15">15</a></li> <li><a href="/wiki/IFRS_16" title="IFRS 16">16</a></li> <li><a href="/wiki/IFRS_17" title="IFRS 17">17</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">IAS</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/IAS_1" title="IAS 1">1</a></li> <li><a href="/wiki/IAS_2" title="IAS 2">2</a></li> <li><a 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