IFRS 9 – Financial Instruments
IFRS 9 became effective in 2018, however for many insurers, they elected to delay implementation to January 2021. That is the deadline for Insurance firms to implement the new IFRS 17 standard for Accounting for Insurance Contracts. Meeting the new standard for Financial Instruments will be a signiﬁcant additional challenge for many ﬁrms. Legerity’s FastPost platform handles the detailed accounting rules for the various asset measurement classes and the corresponding valuation and credit loss adjustments. Legerity FastPost can be used to process all granular data required to report with conﬁdence.