The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to make targeted improvements to the amortised cost measurement requirements in IFRS 9 Financial Instruments. The objective of this project is:
- to resolve widespread application issues arising from these requirements in IFRS 9 by clarifying the underlying principles or developing new principles and adding guidance; and
- to improve information provided to users of financial statements about the effects of modifications, derecognition, or write-offs on an entity’s financial instruments.
With this project, the IASB ultimately aims:
- to reduce diversity in practice by clarifying amortised cost measurement requirements; and
- to clarify intersections between amortised cost requirements and impairment requirements in IFRS 9.