L’IMPLEMENTAZIONE DELL’IFRS 9 - STRUMENTI FINANZIARI NELLE ENTITÀ NON FINANZIARIE

IFRS 9 - Financial Instruments is mandatorily effective for periods commencing on or after 1 January 2018. The adoption of IFRS 9 will have a major impact on financial institutions, but also corporates will be impacted by the introduction of the new Standard; the major differences compared to IAS 39 refer to classification and measurement of financial assets, impairment, and hedge accounting. The classification and measurement of financial assets is dependent on contractual cash flows of the assets and the business model within which the asset is held. They are classified into one of these three categories (and measured consequently): amortized cost, fair value through other comprehensive income (FVTOCI), or fair value through profit or loss (FVTPL). An "expected loss” impairment model is added to IFRS 9, where impairment losses and bad debt provisions will be recognized sooner than under IAS 39 (in many cases leading to a "day-one” provision recognition). Hedge accounting can more closely reflect risk management, with more qualifying hedging instruments and hedged items. Retrospective assessment of hedge effectiveness is no longer required and the prospective test is now based on the principle of an "economic relationship”.While IFRS 9 is generally to be applied retrospectively in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, there are various exceptions (i.e. hedge accounting) and exemptions to that principle.