IFRS Implementation Guide: An Overview of the Transition Requirements of IFRS 9 Financial Instruments

Category: IFRS

IFRS Implementation Guide: An Overview of the Transition Requirements of IFRS 9 Financial Instruments

In July 2014, the International Accounting Standards Board (IASB) completed Phase 2 of its financial instruments project and, as such, published the final version of IFRS 9 Financial Instruments. 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 purpose of this guide is to highlight relevant IFRS 9 transition requirements and provide application guidance, including examples, to ensure a smooth transition to IFRS 9. The guide focuses on key issues that may affect MNP’s clients, including lenders such as Mortgage Investments Companies and Credit Unions, which may be significantly impacted. This guide was developed assuming that the reader has a working knowledge of the new IFRS 9 requirements pertaining to classification, measurement, impairment and hedge accounting. As such, these requirements will not be discussed in detail but rather only referred to in the context of the IFRS 9 transition requirements.

An Overview of the Transition Requirements of IFRS 9 Financial Instruments

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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.