Practical guide on general hedge accounting Dec 2013 | Page 3

Practical guide

1. Introduction
1.1.

Overview of IFRS 9

The International Accounting Standards Board (the ‘Board’) has been reviewing accounting issues that have
emerged as a result of the global financial crisis, including those identified by the G20 and other international
bodies such as the Financial Stability Board. As part of this, the Board commenced its project to replace IAS 39
and sub-divided it into three main phases, as described below:
1.

Classification and measurement – The Board completed the classification and measurement for
financial assets in 2009 and for financial liabilities in 2010. However, the Board has since proposed limited
modifications to the original requirements. An exposure draft on these limited amendments was issued in
November 2012. Currently the Boar