The Office of the Superintendent of Financial Institutions (OSFI) revised the guideline on the Financial Instruments and Disclosures standard IFRS 9, with the revised guideline coming into effect on January 01, 2023.
The revised IFRS 9 guideline is relevant for federally regulated entities, including banks, that apply the IFRS 9 standard. The guideline reflects updated references and terminology to ensure consistency with IFRS 17, especially relating to IFRS 9 section 3.2 (Annual Disclosures for Property & Casualty Insurers). The revised guideline is divided into chapters addressing the expectations on Fair Value Options, Impairments, and Disclosures. OSFI has determined that a number of current guidelines will no longer be necessary or relevant after the adoption of IFRS 17 and IFRS 9 by all federally regulated insurers. Such guidelines will be rescinded in December 2023. Hence, the revised guideline will replace the following guidelines that were in effect under IAS 39:
- C-1 Impairment—Sound Credit Risk Assessment and Valuation of Financial Instruments at Amortized Cost
- C-5 Collective Allowance—Sound Credit Risk Assessment and Valuation Practices for Financial Instruments at Amortized Cost
- D-1, D-1A, D-1B Annual Disclosures (DTI, Life and P&C, respectively)
- D-6 Derivatives Disclosures
- D-10 Accounting for Financial Instruments Designated as Fair Value Option
Keywords: Americas, Canada, Insurance, Banking, Accounting, Credit Risk, IFRS 9, IFRS 17, Disclosures, Financial Instruments, ECL, OSFI
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