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ARTICLE · 13 DECEMBER 2016

Implementation Of IFRS 9 Financial Instruments For Credit Unions

Collins Barrow National Incorporated
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IFRS 9 Financial Instruments introduces major accounting changes for financial assets that are likely to significantly impact the financial statements of credit unions and other lending organizations, such as leasing companies.

CanadaAccounting and Audit
Craig Cross
Craig Cross
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IFRS 9 Financial Instruments (IFRS 9) introduces major accounting changes for financial assets that are likely to significantly impact the financial statements of credit unions and other lending organizations, such as leasing companies. This article focuses on classification and measurement – including impairment loss provisions – of credit union financial assets. Other significant changes that may impact credit unions (such as the simplification of hedge accounting) are not covered in this article.

Classification of loan to members, term deposit investment, derivative and equity investments

There is now a single classification and measurement approach for all financial assets. A credit union classifies financial assets as subsequently measured at amortized cost, fair value through other comprehensive income (FVTOCI) or fair value through profit or loss (FVTPL) on the basis of both:

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