IFRS 9: Countdown to ‘day one’

After years of discussions, exposure drafts and what has often been regarded as a fairly difficult development process, the publication of the final International Financial Reporting Standard on Financial Instruments – or IFRS 9 as it is more commonly labelled – in July last year was a much anticipated event. Readers of FITAR and early adopters will no doubt have charted its progression keenly from the outset and will be at an advanced stage in their preparations for the 1 January 2018 effective date. The new standard, of course, replaces its predecessor IAS 39 and is widely perceived as more complex in its approach to impairment and disclosure.