Confusion reigns over the future of IFRS 9, the new accounting standard for financial instruments, designed to prevent another banking crash as happened in 2008. The new standard is set to replace IAS 39, Financial Instruments: Recognition and Measurement, and provides a principle-based approach to the recognition and measurement of financial instruments. It is set to come into force in 2018, but now the global accounting standard-setter, the International Accounting Standards Board (IASB), is looking at options to delay the introduction. In part, this is due to problems over insurance implementation plans with disputes over the impact of the new standard on the insurance industry and proposals to include insurance exceptions and options. The timetable also clashes with the finalisation of the new insurance contracts standard, IFRS 4.
展开▼
