As discussed in the November 2009 edition of XYZ Financial Reporter, the AASB has now issued accounting standard AASB 9 Financial Instruments which represents the first phase of the replacement of AASB 139.

AASB 9 applies to all assets within the scope of AASB 139 Financial Instruments: Recognition and Measurement and is mandatorily applicable for annual reporting periods beginning on or after 1 January 2013.