IFRS 9 ready now with final piece in place

Singapore

THE fourth and final piece of a financial reporting standard - six years in the making - has finally been put in place, and seeks to address the weaknesses in the current standard blamed for plunging banks into the global financial crisis.

The now-complete new standard in financial instrument accounting, IFRS 9, was issued by the global standards setter, the International Accounting Standards Board (IASB), on Thursday.