Requirements issued in IFRS 9 (2009)
BC7.1 The IASB recognises that many countries require time for translation and for introducing the mandatory requirements into law. In addition, entities require time to implement new standards. The IASB usually sets an effective date of between six and eighteen months after issuing a Standard. However, the IASB has adopted a phased approach to publishing IFRS 9, so this is not possible.
BC7.2 In the response to the 2009 Classification and Measurement Exposure Draft, respondents urged that:
(a) it would be helpful to preparers if the IASB were to permit all phases of the project to replace IAS 39 to be adopted at the same time.
(b) it would be helpful to entities that issue insurance contracts if the effective date of IFRS 9 were aligned with the forthcoming Standard on accounting for insurance contracts. Most of an insurer’s assets are financial assets and most of its liabilities are insurance liabilities or financial liabilities. Thus, if an in
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