Anyone have any thoughts on how Level 2 June 2014 is going to handle the new IFRS 9 rules for classification of Financial Assets? It is pretty frustrating because all the different rules of how Financial Assets are classified is one of the hardest things for me to remember in level 2 and they are completely changing with IFRS 9.
For example the entire portfolio approach (held-for-trading, available-for-sale, and held-to-maturity) is going away so should I spend hours memorizing all of these or do you think the next exam will adopt the new rules? Or are we expected to memorize the new and the old rules…I’m afraid that is the answer.
The rules have been passed but will not take effect until January 1st 2015 (early adoption is encouraged).
Hi Maz, Ok so the CFAI is exactly the same as last year in terms of the pre-IFRS9 application. Therefore what you learnt last year still applies. However they have added a section on the IFRS9 application (as this will be applicable in 2015) but can be brought in early! However, please note that IFRS9 is pretty much the same as the previous application but with updated terms. Essentially one more thing we need to remember! I hope this is helpful!
I dont get it right to, because if you look for text in current curriculum concerning this topics there is slight difference comparing with one for previous years, but the questions at the end of topics are the same so to be hones I am completaly confused.
question is very simply, should we know both previous and current IFRS? I have no idea.
You have to know both! But the only additional info is basically terminology! Ie IFRS 9 is exact the same as the previous IFRS, but the terminology is different. This is why the EOC ques have not changed. Does this help?
You have to know both! But the only additional info is basically terminology! Ie IFRS 9 is exact the same as the previous IFRS, but the terminology is different. This is why the EOC ques have not changed. Does this help?