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We welcome and support IASB’s initiative in subjecting various IFRSs to PIRs and subsequently improving the IFRSs in response to feedback gathered during the PIRs.
IFRS 9 provides a principle-based approach to the classification and measurement of financial assets where measurement is aligned with the contractual cash flow characteristics of the assets and the way the entity manages them. However, the classification and measurement requirements appear to be overly complex for most entities with straightforward financial assets which resulted in undue and excessive efforts in the application of these requirements. In addition, the strict application of these requirements may result in misalignment in the measurement of the financial assets with how they are managed in practice.
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