IFRS Implementation Guide: An Overview of the New Financial Asset Classification and Measurement Requirements of IFRS 9

Category: IFRS

IFRS Implementation Guide: An Overview of the New Financial Asset Classification and Measurement Requirements of IFRS 9

The International Accounting Standards Board (IASB) published the final version of IFRS 9 Financial Instruments in July 2014. IFRS 9 replaces IAS 39 Financial Instruments: Recognition and Measurement, and is effective for annual periods beginning on or after January 1, 2018. Earlier application is permitted. The new standard aims to simplify the accounting for financial instruments and address perceived deficiencies which were highlighted by the recent financial crisis. The purpose of this guide is to highlight relevant IFRS 9 classification and measurement requirements and provide application guidance, including examples, to ensure appropriate classification of financial instruments under IFRS 9. The guide focuses on key issues that may affect MNP’s clients, including Credit Unions which will be significantly impacted. This guide does not discuss the classification and measurement of financial liabilities. Please refer to MNP guide An Overview of IFRS 9 Financial Instruments vs. IAS 39 Financial Instruments: Recognition and Measurement for highlights of the significant differences between IFRS 9 and IAS 39, including those relating to financial liabilities.

IFRS Implementation Guide

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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.