The Impact of IFRS 9 on Accounting Standards
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
The Impact of IFRS 9 on Accounting Standards
IFRS 9 is the International Financial Reporting Standard for financial instruments that was issued by the International Accounting Standards Board (IASB) in July 2014. The standard replaces IAS 39, the previous standard for financial instruments, and introduces new requirements for the classification and measurement of financial assets, as well as for impairment of financial assets and hedge accounting. The standard is effective for annual periods beginning on or after January 1, 2018.
One of the main impacts of IFRS 9 is on the classification and measurement of financial assets. Under IAS 39, financial assets were classified into two categories: those held for trading and those held to maturity. IFRS 9 introduces a third category, called “financial assets at fair value through other comprehensive income” (FVOCI). This category is intended for financial assets that an entity does not intend to sell in the near term and for which it is not able to reliably measure an expected cash flow.
Another significant impact of IFRS 9 is on impairment of financial assets. IAS 39 required entities to assess impairment on an individual basis, which was a time-consuming and difficult process. IFRS 9 introduces a new expected credit loss (ECL) model, which aims to simplify the impairment process and provide more useful information to financial statement users. Under the ECL model, entities are required to estimate the credit losses that are expected to occur over the lifetime of a financial asset, rather than just those that have occurred at the reporting date.
IFRS 9 also has a significant impact on hedge accounting. The standard introduces new requirements for the assessment of effectiveness of a hedge relationship and for the presentation of hedge results in the financial statements. This aims to improve the alignment of the recognition and measurement of the underlying transaction and the associated hedge in the financial statements.
The implementation of IFRS 9 can also have a financial impact on entities. The ECL model may result in earlier recognition of credit losses, which in turn may lead to increased provisions and lower profits. Additionally, the adoption of IFRS 9 may also require significant changes to systems and processes, which can be costly and time-consuming.
The implementation of IFRS 9 also has an impact on the financial statements. The new standard requires more disclosures about the classification and measurement of financial assets and liabilities, as well as about the expected credit losses and hedge accounting. This provides financial statement users with more information about an entity’s financial position and performance.
In conclusion, IFRS 9 has a significant impact on accounting standards for financial instruments. The new standard introduces new requirements for the classification and measurement of financial assets, impairment of financial assets, and hedge accounting. The implementation of IFRS 9 can also have a financial impact on entities and requires more disclosures in the financial statements. The standard is effective for annual periods beginning on or after January 1, 2018. This new standard aims to simplify the impairment process and provide more useful information to financial statement users, and to improve the alignment of the recognition and measurement of the underlying transaction and the associated hedge in the financial statements.
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Content (worth a maximum of 50% of the total points) |
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30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
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Use of Sources (worth a maximum of 20% of the total points). |
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10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
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7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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The Impact of IFRS 9 on Accounting Standards
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