The Accounting Standards Council (ASC) has deliberated the adoption of IFRS 9 at its meeting in November 2009, and decided to defer its adoption in Singapore.
In arriving at this decision, the ASC took cognisance of the fact that this standard, which deals with Classification & Measurement of Financial Instruments, is the first of three phases of the IAS 39 re-write project and the full impact of the second and third phases covering Impairment and Hedging respectively is not yet known. There is also the possibility of further changes to the standard due to the global convergence efforts as well as that arising from feedback received on this first phase. Equally, liabilities have been scoped out of the first phase and will be revisited by the IASB at a later date.
The ASC will continue to participate in the technical and global developments of the standard and re-deliberate its decision during the year.
