Is IAS 39 still applicable?

IAS 39 requirements for classification and measurement, impairment, hedge accounting and derecognition are withdrawn for periods starting on or after 1 January 2018 when IAS 39 is largely superseded by IFRS 9 Financial Instruments.

What is the difference between IAS 39 and IFRS 9?

The main difference between the two accounting standards is that the new standard (IFRS 9) requires a recognition of credit loss allowances on initial recognition of financial assets, whereas previously under IAS 39, impairment is recognized at a later stage, when a credit loss event has occurred.

Is IAS 39 effective?

Consequently, although IFRS 9 is effective (with limited exceptions for entities that issue insurance contracts and entities applying the IFRS for SMEs Standard), IAS 39, which now contains only its requirements for hedge accounting, also remains effective.

Has IAS 37 been replaced?

The new IFRS will replace IAS 37 and apply to all liabilities that are not within the scope of other standards. liabilities arising under contracts that have become onerous.

What replaced IAS 37?

The IASB issued exposure drafts in 2005 and 2010 that would have replaced IAS 37 with a new IFRS or made significant revisions to IAS 37.

What is a provision IAS 37?

IAS 37 defines and specifies the accounting for and disclosure of provisions, contingent liabilities, and contingent assets. A provision is measured at the amount that the entity would rationally pay to settle the obligation at the end of the reporting period or to transfer it to a third party at that time.

Which impairment losses should never be reversed?

An impairment loss for goodwill is never reversed. For other assets, when the circumstances that caused the impairment loss are favourably resolved, the impairment loss is reversed immediately in profit or loss (or in comprehensive income if the asset is revalued under IAS 16 or IAS 38).

Is IAS 32 still effective?

Earlier application is permitted. As a result of the issue of IFRS 9, IAS 32 is amended to reflect the requirements of IFRS 9 rather than IAS 39. Effective for annual periods beginning on or after 1 January 2017.