Rough seas ahead, as deadline looms for transitioning existing hedges to new accounting standard, IFRS 9

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Feb 2017

Companies reporting under international accounting standards (IFRS), or their Hong Kong equivalents (HKFRS), need to be ready to transition to the new financial instruments standard by 1 January 2018. IFRS 9, “Financial Instruments”, replaces IAS 39, “Financial Instruments: Recognition and Measurement” and addresses the classification and measurement of financial assets and liabilities. It also includes a new expected credit loss model, which replaces the incurred loss impairment model used for financial assets today.

However, one often overlooked aspect of IFRS 9 is the substantially-reformed approach to hedge accounting.

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Ian Farrar
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