World Accounting Report
What next for IFRS 9?
Standard-setting has an in-built circularity: a standard is developed in response to challenges in financial reporting; once
finalised, it is implemented by companies, then put into effect, and later reviewed to see if everything is working as intended.
Where this is not the case, a standard-setting process starts again to amend or even delete the relevant requirements or to
introduce new ones. Parts of IFRS 9, Financial Instruments, are now being reviewed to see if any changes are required. The
adoption of the standard was controversial in Europe, and this article focuses on EFRAG’s recent letter to the IASB setting
out its views on the standard now that it has been used in practice.