Dr. Hanne Böckem
Partner, Audit, DPP
KPMG AG Wirtschaftsprüfungsgesellschaft
IFRS 9 Financial Instruments is mandatory for financial years beginning on or after 1 January 2023 for all entities reporting under IFRS, now including insurance companies.
The FAB has therefore repealed the following two IDW pronouncements with effect from 1 January 2023 with regard to the superseded IAS 39 Financial Instruments: Recognition and Measurement:
- IDW RS HFA 25 - Individual issues on accounting for contracts for the purchase or sale of non-financial items in accordance with IAS 39.
- IDW RS HFA 26 - Individual Issues on the Reclassification of Financial Assets in Accordance with the Amendments to IAS 39 and IFRIC 9 - Amendments of October/November 2008 and March 2009.
In addition, IDW RS HFA 9 - Einzelfragen zur Bilanzierung von Finanzinstrumenten nach IFRS was updated.
For hedge accounting purposes, the regulations of IAS 39 can continue to be applied if the reporting entity has exercised the option according to IFRS 220.127.116.11 within the scope of the first-time application of IFRS 9. Therefore, IDW RS HFA 9 only contains comments on hedge accounting. All other sections on accounting for financial instruments according to IAS 39 have been omitted.
The article is available on the IDW homepage.