C12-3 IASB Deliberations
Robert Peters
ACC/440
December 2, 2013
Rick Corwin

C12-3 IASB Deliberations
This paper will identify three projects currently on the active agenda that are being addressed by the IASB. Items that will be addressed for each of the projects are what is the timetable identified for milestones on each of the projects and what is the status of the conceptual Framework project?
IFRS 9: Financial Instruments (replacement of IAS 39)
The IASB divided this project to reconsider the accounting for financial into three phases classification and measurement, impairment methodology, and hedge accounting. IFRS 9 included requirements for financial assets and was published in November 2009. During October 2010 requirements for liabilities were added. One of the most notable changes were made to the fair value option for liabiliober 2010 requirements for liabilities were added.One of the most notable changes were made to theties to respond to the issue of own credit risk. It was decided by the IASB that the mandatory date of January 2015 did not allow enough time for entities to apply the new standard due to the impairment phase of the IFRS 9 has not been completed. A new date will be decided when the entire IFRS 9 project is close to completion. The changes made to IFRS 9 in November 2013 remove the effective date from IFRS 9, but entities may choose to apply IFRS 9 immediately. Phase II: Amortized cost and impairment of financial assets. The IASB is attempting to recognize credit losses on a timelier basis. Credit losses that are expected are to be recognized from when they are originated or purchased. Phase e three Hedge accounting is considering a valuation approach that for accounting purposes the hedged risk position will be identified and remeasured for changes in the hedged risk, identifying the gain or loss in profit or loss. The