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The implementation of IFRS 9 impairment requirements by banks Considerations for those charged with governance of systemically important banks Global Public Policy Committee of representatives of

How to fill out ifrs 9

How to Fill Out IFRS 9:

1. Understand the Scope: Begin by familiarizing yourself with the scope of IFRS 9. This standard primarily focuses on the classification and measurement of financial instruments, impairment of financial assets, and hedge accounting.
2. Identify Relevant Financial Instruments: Determine which financial instruments in your organization fall under the scope of IFRS 9. This includes financial assets, financial liabilities, and certain contracts to buy or sell non-financial items.
3. Classify Financial Instruments: Next, classify the identified financial instruments based on their characteristics and the business model in which they are managed. The standard provides three classifications: amortized cost, fair value through other comprehensive income (FVOCI), and fair value through profit or loss (FVTPL).
4. Measure Financial Instruments: Once the classification is determined, measure the financial instruments accordingly. Apply the appropriate measurement method for each classification, such as using historical cost or fair value.
5. Assess Impairment: Evaluate whether there is any impairment in the financial assets. IFRS 9 introduces an expected credit loss model, which requires organizations to recognize and provide for expected credit losses based on a forward-looking approach.
6. Implement Hedge Accounting (if applicable): If your organization engages in hedging activities, and the hedging relationship qualifies for hedge accounting, follow the guidance provided in IFRS 9. This involves assessing the effectiveness of the hedge and ensuring proper documentation of the hedging instruments and hedged items.

Who Needs IFRS 9:

1. Financial Institutions: Banks, insurance companies, and other financial institutions are among the primary users of IFRS 9. The standard provides guidance on how these entities should classify and measure financial instruments and assess impairment.
2. Corporations with Significant Financial Investments: Companies that have significant investments in financial instruments, such as bonds, stocks, or derivatives, may also need to apply IFRS 9. This ensures the proper accounting treatment of these investments in their financial statements.
3. Investors and Analysts: Investors and financial analysts rely on financial statements prepared in accordance with IFRS 9 to assess the financial performance, risk exposure, and creditworthiness of organizations. Understanding IFRS 9 helps these stakeholders interpret the financial information accurately.

Note: It is important to consult with accounting professionals or refer to the specific requirements and guidelines of IFRS 9, as the above points provide a general overview and may not cover all aspects or variations of the standard.

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What is ifrs 9?

IFRS 9 is an international financial reporting standard that addresses the classification and measurement of financial assets and liabilities.

Who is required to file ifrs 9?

Companies that are required to comply with International Financial Reporting Standards (IFRS) are required to file IFRS 9.

How to fill out ifrs 9?

IFRS 9 should be filled out following the guidelines and requirements set by the International Accounting Standards Board (IASB).

What is the purpose of ifrs 9?

The purpose of IFRS 9 is to provide guidance on the classification, measurement, and recognition of financial assets and liabilities.

What information must be reported on ifrs 9?

IFRS 9 requires information on the classification and measurement of financial assets and liabilities, as well as any impairments or hedging activities.