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.

Not everyone is applauding this latest development, however. While some …