Credit Unions E-Learnings

These IFRS 9 resources have been provided to assist credit unions in becoming familiar with the new standard and planning its implementation.

The International Accounting Standards Board (IASB) published the final version of IFRS 9 Financial Instruments in July 2014. IFRS 9 Financial Instruments replaces IAS 39 Financial Instruments: Recognition and Measurement, and is effective for annual periods beginning on or after January 1, 2018.

The new standard aims to simplify the accounting for financial instruments and address perceived deficiencies highlighted by the recent financial crisis.

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  • IFRS Snapshot: IFRS 9 Financial Instruments

    This is a four-page summary of IFRS 9 and should be used as a quick reference guide to the key requirements of the standard. It is effective as a first port of call to determine the treatment of transactions under IFRS 9 but note this is not a complete summary of the standard.

  • An Overview of IFRS 9 Versus IAS 39 Financial Instruments: Recognition and Measurement

    The purpose of this guide is to highlight the significant differences between IFRS 9 and IAS 39 that may be important to credit unions.

  • An Overview of the New Financial Asset Classification and Measurement Requirements of IFRS 9 Financial Instruments

    The purpose of this guide is to highlight relevant requirements and provide examples to help classify financial assets into the appropriate measurement categories under IFRS 9. The guide focuses on key issues that may affect credit unions, which will be significantly impacted.

  • An Overview of the Impairment Requirements of IFRS 9 Financial Instruments

    This document highlights the objective of the impairment methodology and the key differences between IAS 39 and IFRS 9 impairment models. It also provides an overview of the impairment requirements and illustrative examples to assist in the application of the new IFRS 9 expected credit loss model.

  • IFRS 9 Impairment Comprehensive Example

    This comprehensive example is provided to assist credit unions in applying the IFRS 9 expected credit loss model. This example is also included in Appendix B of the Impairment guide above.

  • An Overview of the Hedging Requirements of IFRS 9 Financial Instruments

    This document highlights the key differences between the IAS 39 and IFRS 9 hedge accounting models as well as provides an overview of the requirements of the new IFRS 9 hedging model.

  • An Overview of the Transitional Requirements of IFRS 9 Financial Instruments

    This document highlights the relevant IFRS 9 transition requirements and provides application guidance, including examples, to ensure a smooth transition to IFRS 9.


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    Contact our Credit Unions Team

    Annette Bester CPA, CA, CIA, ICD.D

    Partner, National Credit Union Leader

    Annette Bester, CPA, CA, CIA, ICD.D is MNP’s National Credit Union Leader and an Audit Risk Partner in MNP’s Saskatoon office. A trusted business advisor, Annette draws on more than two decades of experience working with credit unions and business clients, supporting them and helping them strengthen their leadership.

    Annette helps provide the vision and strategy steering MNP’s Credit Union Services group — one of Canada’s largest — to provide accounting, tax and advisory services to more than 135 Canadian credit unions.

    Annette provides expert advice on technical accounting and business issues, helping ensure clients’ financials remain strong and compliant with reporting requirements.

    She has provided audit, review and business consulting services to owner managed businesses in diverse industries. Annette’s experience has led to her exceptional understanding of credit unions and the members they serve. To further support the credit union sector, she works closely with national and provincial credit union organizations with a vision to support and strengthen credit union leadership, knowledge and financial position, significantly enriching the communities in which we both live and work.

    Annette obtained her Bachelor of Commerce degree (Honours) from the University of Saskatchewan in 1999. She is a Chartered Professional Accountant (CPA), qualifying as a Chartered Accountant (CA) in 2002. She completed her Certified Internal Auditor (CIA) designation in December of 2020.  In addition, she completed the ICD-Rotman Directors Education Program in May 2021 and received her ICD.D designation from the Institute of Corporate Directors in June 2021.

    As a past board member (July 2018 – August 2020) of Saskatchewan Capital Network, Annette worked to enhance Saskatchewan’s start-up ecosystem by connecting investment ready companies to investors. As a board member of Conexus Credit Union (since 2020) and the Chair of their Risk Committee (since 2021) Annette is passionate about improving the financial well-being of their members and communities.