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IFRS 9 Financial instruments

IFRS 9 Financial Instruments sets out the requirements for recognising and measuring financial assets, financial liabilities, and some contracts to buy or sell non-financial items. The standard was published in July 2014 and is effective from 1 January 2018.

Full text standard

Unaccompanied version of IFRS 9
The International Accounting Standards Board (IASB) provides free access to the consolidated unaccompanied international accounting standards for the current year through its website. Free registration is required.

This unaccompanied version does not include additional content that accompanies the full standard, such as illustrative examples, implementation guidance and bases for conclusions.

IFRS 9 summary and timeline

Looking for the synopsis? Our IFRS 9 summary and timeline are now on a separate page, featuring information on current proposals and a timeline of IASB updates.

Which version of the standard?

Financial Reporting Faculty members have unlimited online access to the consolidated edition of IFRS and amendments through the IASB's eIFRS service. Please log into eIFRS to access electronic versions of the standards. Or find out more about how to join the faculty.

The ICAEW Library & Information Service also holds print versions of the IFRS standards. Contact us by telephone on +44 (0)20 7920 8620, by web chat or by email at library@icaew.com

*Not UK endorsed as at 4 February 2022. Read more on UK endorsement of IFRS standards. Endorsed for use in the EU as at 4 February 2022. Read more on EU endorsement of IFRS standards.

Related IFRIC interpretations

ICAEW guides and support


IFRS 9 Financial Instruments – Hedge accounting
Financial Reporting Faculty, 8 August 2019
This factsheet outlines the hedge accounting requirements of IFRS 9 Financial Instruments, comparing them with those of IAS 39. It also contains practical tips to help with implementation.

IFRS 9 Financial Instruments – Overview
Financial Reporting Faculty, 19 October 2018
This factsheet outlines the key requirements of IFRS 9 in respect of classification and measurement of financial instruments, including impairment of financial assets, and compares those requirements with those of its predecessor, IAS 39 Financial Instruments: Recognition and Measurement. Its focus is on how IFRS 9 will affect non-financial sector entities. 

Debt for equity swaps
Financial Reporting Faculty, 5 June 2018
This factsheet explains how to account for 'debt for equity swaps' in accordance with IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments. These requirements will usually result in a profit (or, less commonly, a loss) when debt is renegotiated on terms which provide for an issue of equity instruments. In addition, the factsheet considers the impact of company law for UK companies extinguishing debt with equity.

Online guides and FAQs

Contract modifications under IFRS 9 Financial Instruments
Financial Reporting Faculty, 1 February 2021
This short guide outlines the accounting implications of contract modifications to financial liabilities together with an illustrative example.

Annual factsheets

These exclusive factsheets, produced annually by the Financial Reporting Faculty for its members, highlight all new and modified requirements for preparers of IFRS accounts. Each annual edition focuses primarily on new requirements with mandatory application for preparers with periods beginning on or after 1 January of that year.

2021 IFRS accounts
Financial Reporting Faculty, 10 August 2021

2020 IFRS accounts
Financial Reporting Faculty, updated August 2021

2019 IFRS accounts
Financial Reporting Faculty, 4 December 2019 


The final countdown
Helen Shaw, By All Accounts, July 2017
In the second section of this article from the Financial Reporting Faculty's magazine, Helen Shaw, a director at Deloitte, highlights some issues non-financial sector entities will need to consider as the effective date of IFRS 9 draws ever nearer.

The hedge maze – Finding the Way
Jane Hurworth, By All Accounts, July 2014
Jane Hurworth, executive director at EY, outlines some of the practical implications of the IASB's new general hedge accounting model. Executives from HSBC and Shell also give their view.

The rise of reverse factoring
Catriona Lawrie and James Naylor, By All Accounts, July 2020
Catriona Lawrie, Director at Mazars and James Naylor, Senior Manager at Mazars discuss the financial reporting implications of entering into reverse factoring arrangements. 


Contract modifications under IFRS
Financial Reporting Faculty, 17 December 2020
Explore the accounting implications of contract modification scenarios relating to revenue, financial instruments, leases and employment contracts. 

IFRS Update June 2018
Financial Reporting Faculty, 19 June 2018
This webinar provides a summary of new and revised standards applicable in 2018 and beyond. It looks at the lessons we can learn from those already implementing IFRS 9 and IFRS 15, the impact of IFRS 16 on 2018 financial statements, IFRS 17 for those who are not insurers, and other IFRS amendments and new IFRICs.

IFRS 9 Financial Instruments - the final countdown
Financial Reporting Faculty, 23 November 2017
This webinar for Financial Reporting Faculty members has been specifically designed for those in the non-financial sector. It covers the standard’s key requirements before focusing on practical issues and implementation challenges.

Bloomsbury Core Accounting and Tax Service

Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Core Accounting and Tax Service.

IFRS 9 ðŸ”’
HMRC Manual, Bloomsbury Professional (2020)
A chapter on IFRS 9 within HMRC's Corporate Finance Manual. Includes sections on the scope of IFRS 9, classification of financial assets, classification of financial liabilities, reclassification of financial assets and liabilities, impairment and recognition and derecognition.  

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Financial instruments
EY, International GAAP 2021 (2020)
The latest edition of this comprehensive guide offers a global perspective on complex technical accounting issues to help practitioners interpret and implement IFRS. It contains worked examples and illustrations from published financial reports of major listed companies from around the world. IFRS 9 and financial instruments are covered across 10 chapters.

If you have any difficulties using these eBooks, please see our Help and support advice or contact library@icaew.com.

Example accounts

IFRS model accounts and disclosure checklists
Online disclosure checklists, general IFRS illustrative statements and compliance questionnaires collected by the ICAEW Library.

Company Reporting (Croner-i)

The ICAEW Library can provide examples of real-life company reports to help keep you up-to-date with reporting practices and benchmark your financial reporting compliance. Company Reporting analyses current IFRS disclosures from public companies, organised by industry sector. It also provides detailed monthly Common Practice reports on specific issues.

Contact us on +44 (0)20 7920 8620, by web chat, or at library@icaew.com to get any documents from Company Reporting.

External resources

Some guides and comparisons that we link to may pre-date the latest amendments to this standard. While these resources contain useful information, please treat them with appropriate caution.

Recommendations on a comprehensive set of IFRS 9 Expected Credit Loss disclosures
FRC, December 2019
Updated guidance, including illustrative examples, aimed at UK-headquartered banks and building societies on what good IFRS 9 Expected Credit Loss accounting (ECL) disclosures look like.

IFRS 9 Thematic Review: Review of Disclosures in the First Year of Application
FRC, October 2019
Report with excerpts of published accounts illustrating good examples of disclosure and the FRC's key findings on transition, non-banking entities, classification and measurement for banks, impairment, and hedging.

IFRS 9 Thematic Review: Review of Interim Disclosures in the First Year of Application
FRC, November 2018
Report summarising the FRC's findings with excerpts of published interim accounts illustrating good examples of disclosure, main issues where disclosures could be improved, and key points to consider. The report discusses non-banking entities, as well as classification and measurement, impairment, judgements and estimation uncertainty for banks.

PwC's Demystifying IFRS 9 for corporates series
Video series from PwC looking at a range of issues, including intra-group loans, financial liabilities and hedge accounting.

IFRS 9: Financial instruments (PwC hub)
Series of publications from PwC offering guides and commentary on IFRS 9, including practical guides focusing on industry sectors such as real estate, banking, pharmaceuticals and football. 

Impairment of financial instruments under IFRS 9
EY, April 2018
Guide giving an overview of IFRS 9 impairment requirements and detailed discussion covering measurement of expected credit losses, determining significant increases in credit risk, expected credit loss calculations, modified financial assets, financial assets measured at fair value, trade receivables, revolving credit facilities, intercompany loans, presentation, and disclosures.

Further reading

Manuals and handbooks

The ICAEW Library stocks the latest IFRS handbooks and manuals. You can browse all our books on IFRS 9 and financial instruments or request any of the following popular titles by contacting us on +44 (0)20 7920 8620, by web chat, or at library@icaew.com

Insights into IFRS 2020–21
KPMG, Sweet and Maxwell, 2020
Manual providing practical guidance with an emphasis on the real-life application of IFRS, with examples based on actual questions that have arisen in practice around the world.

Wiley IFRS 2020: Interpretation and application of IFRS standards
PKF, Wiley, 2020
Reference manual providing full coverage of the latest standards and thorough guidance for implementation, featuring practical tools and insight from a practitioner's perspective.

Manual of accounting: IFRS supplement 2020
PwC, LexisNexis, 2019
Practical guidance on the standards and the accounting requirements of UK law applicable to UK users of IFRS.

Accounting for financial instruments: A guide to valuation and risk management
E.Camilleri, Routledge, 2017
This book is about the accounting and regulatory framework associated with the acquisition and disposal of financial instruments; how to determine their value; how to manage the risk connected with them; and ultimately compile a business valuation report. 

Find out more about how you can borrow books from the ICAEW Library or get articles and documents sent to you by email or post.

Ask ICAEW Technical Advisory Service

Get an opinion from the experts. Our experienced technical advisors can help you with your IFRS questions and offer practical advice. Call the advisory helpline on +44 (0)1908 248 250. 

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