The International Accounting Standards Board (IASB) completed the final element of its comprehensive

response to the financial crisis with the publication of IFRS 9 Financial Instruments in July 2014. The
package of improvements introduced by IFRS 9 includes a logical model for classification and
measurement, a single, forward-looking expected loss impairment model and a substantially-reformed
approach to hedge accounting.

The IASB has previously published versions of IFRS 9 that introduced new classification and
measurement requirements (in 2009 and 2010) and a new hedge accounting model (in 2013). The July
2014 publication represents the final version of the Standard, replaces earlier versions of IFRS 9 and
completes the IASBs project to replace IAS 39 Financial Instruments: Recognition and Measurement.