Application of IFRS 9 to the natural resources sector
January 03, 2019
IFRS 9 Financial Instruments is a very significant standard for the financial services sector. While the impact on IFRS 9 is not as great on non-financial entities, it will affect the natural resources sector.
Natural resources companies should consider these key features of IFRS 9:
- Moving from an incurred loss model to a predicted loss model
- The strict rules as to which financial assets can be recorded at amortized cost
- Investments in unlisted shares to be recorded at fair value
- Simplified hedge accounting rules
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