Derecognition
The requirements for derecognition of financial assets and liabilities are carried forward from IAS 39.
IFRS 9 is effective for accounting period beginning on or after 1 January 2018, with early application permitted. Retrospective application is required, but comparative information is not compulsory. Early application of previous versions of IFRS 9 (2009, 2010 and 2013) is permitted if the date of initial application is before 1 February 2015.
Management has yet to assess the impact of this revised standard on the Company’s financial statements.