IFRS 9 and IFRS 15 Are Now Effective


IFRS 9 Financial Instruments
IFRS 9 was issued in 2014 and replaces IAS 39 Financial Instruments: Recognition and Measurement. It consists of three different parts: classification and measurement, impairment and hedge accounting.
The most significant change resulting from IFRS 9 is how banks account for loan losses, though the Standard is also relevant for other companies.
IFRS 15 Revenue from Contracts with Customers
IFRS 15 was also issued in 2014. It replaces two Standards, IAS 18 Revenue and IAS 11 Construction Contracts.
IFRS 15 specifies when and how much revenue a company should recognize, and the information about revenue that the company should disclose in its financial statements. It is relevant for all companies.
IFRS 9 and IFRS 15 are effective for reporting periods starting on or after 1 January 2018.