IFRS 9: Financial Instruments

IFRS Guide > IFRS 9

The International Accounting Standards Board (IASB) released International Financial Reporting Standard 9 (IFRS 9) to address the topic of financial instruments. As financial instruments come in ever increasing varieties, each with its own set of risks and rewards, it makes sense that the IASB would set out to ensure the presentation of a company’s holding of these would be clearly defined. This standard includes financial assets and liabilities - as well as provides greater support for the fair value option.

IFRS are principles based standards, rather than strict rules based standards that govern international accounting. IFRS standards differ from IAS standards in that they began being introduced in 2001, whereas IAS were produced prior to this date by the IASC, or the International Accounting Standards Committee. Therefore when an IFRS standard and an IAS standard conflict, the IFRS is generally more authoritative due to being more recent.

Check out more high level explanations of the IASB IFRS in our Guide to IFRS International Financial Reporting Standards!

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