The International Accounting Standards Board (IASB) established the International Financial Reporting Standards 9 (IFRS 9) requirements for the accounting of financial assets and financial liabilities to standardize accounting practices for entity reporting. Effective January 2013, the IFRS standards require reports that use improved classifications and measurements of assets and liabilities and display the amortized costs and impairments for financial instruments.
The IFRS 9 standard defines several new regulatory categories, including Amortized Cost (AC), Fair Value Through Profit Loss (FVTPL), and Fair Value Through Other Comprehensive Income (FVTOCI).
Add Comment