Business Essay

895 words - 4 pages

The major changes that are included in IFRS 9 will be discussed in this paper. IFRS 9 is a better replacement of IFRS 39 or IAS 39. It should be said that IFRS 9 has introduced some better changes that were not evident in IAS 39. The major changes that are being introduced in accordance with the new perspective i.e. IFRS 9 are as below:Classification and MeasurementThe first major change is related to classification and measurement. It determines as to how the financial assets and liabilities undergo an accounting process in the annual statements of any particular company. Therefore, with the introduction of IFRS 9, a logical approach is set up for the classification of assets. This is also driven by the characteristics of the cash flow and the business model where the asset is held. This approach provides a great replacement for the already existing rules that are truly complex and not easy to comprehend (Istrate, 2013). The new IFRS 9 also provides a great impairment that is applicable to other financial instruments so as to eliminate the source of complexity that is particularly associated with prior requirements of accounting.ImpairmentAnother great change is related to impairment. It is also noted that during the financial crisis, the identification of the losses from credit on loans and various financial instruments is found to be the weakness in the existing FRS 39 standards. With the introduction of IFRS 9, there is an introduction of a brand new, loss impairment model that needs more time to get recognition in accordance with the losses of credit. Therefore, the new IFRS 9 will need the entities to be accountable for losses on credit when the financial instruments get recognition which then lessens the threshold of identification for full losses on credit (Horton, 2012). There is a creation of a transition in accordance with the resource group to facilitate the stakeholders in the transition for new requirements of impairmentHedge AccountingAnother great change is related to the Hedge Accounting. In the new model of IFRS 9, there is an introduction of a newly reformed model i.e. hedge accounting related to enhancing disclosures linked with the activities of risk management. Therefore, the new model indicates a significant overhaul of hedge accounting that aligns the treatment of accounting principle with activities of risk management in order to further enable the entities to provide the reflection for such activities in the financial statement (Plooy, 2012). Furthermore, due to such changes and modifications, the financial statement users will have a provision of better information that reflects the risk management and the impact of hedge accounting in accordance...

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