Alert: Release of Final IFRS 9 Financial Instruments

Category: IFRS

Alert: Release of Final IFRS 9 Financial Instruments

On July 24, 2014, the International Accounting Standards Board (IASB) issued the final version of IFRS 9 Financial Instruments. The new standard will replace IAS 39 Financial Instruments: Recognition and Measurement and is mandatorily effective for annual periods beginning on or after January 1, 2018, with early application permitted. The final version of IFRS 9 includes a new expected loss impairment model and limited amendments to classification and measurement for financial assets and will supersede any previous versions. IFRS 9 will not replace the requirements set out for portfolio fair value hedge accounting for interest rate risk. This project was separated from the IFRS 9 project, due to the longer term nature of the macro hedging project. This project is currently at the discussion paper phase. The new standard will introduce an improved logical model for classification and measurement, impairment, derecognition and hedge accounting.

IFRS Hot Topic: Release of Final IFRS 9 FinancialInstruments

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Michelle Balmer

Michelle Balmer CPA, CA

Vice President, Assurance

Michelle Balmer, CPA, CA, is a Senior Assurance Services Partner with MNP. With 14 years of experience in public practice, Michelle helps a broad range of public and privately held companies in a variety of industries. She also works on special projects, including costing studies, benchmarking and best-practice studies, operational analyses, litigation support and due diligence.

As a key member of MNP's Assurance team, Michelle has played an instrumental role in assurance policy development, implementing accounting and assurance standards firm-wide and educating assurance practitioners regarding methodologies and new pronouncements. She also provides technical advice and consultation on accounting and assurance issues, as well as on rules of professional conduct issues, to all MNP practitioners.

Michelle was certified a Chartered Accountant (CA) after obtaining a Bachelor of Commerce degree from the University of Alberta. She has been actively involved with the Institute of Chartered Accountants of Alberta, including the Chartered Accountants School of Business, in an instructional and marketing capacity. An avid volunteer, she has assisted numerous groups such as the Easter Seals of Alberta, Paralympic Sports Association and Junior Achievement of Northern Alberta.