The November 2013, Issue 17 of KPMG ISG's IFRS Newsletter: Financial Instruments - The Future of IFRS Financial Instruments Accounting summarizes the November IASB meetings at which the Board discussed:
Classification and Measurement. The IASB reached tentative decisions about the business model assessment, including the level at which the model should be assessed, how sales affect the assessment, and whether to add a third measurement category (i.e., fair value through other comprehensive income (FVOCI)).
Impairment. The IASB reached tentative decisions about measurement and presentation of expected credit losses on revolving credit facilities, measurement of expected credit losses for financial assets at FVOCI, interest revenue calculation, treatment of purchased or originated credit impaired assets, and trade and lease receivables.
The newsletter also reports that the IASB issued IFRS 9, Financial Instruments (2013), which includes a general hedge accounting model. The new standard rescinds the January 1, 2015 effective date of IFRS 9. The IASB will determine a new effective date when it completes the classification and measurement and impairment phases of IFRS 9. Early application is allowed under certain circumstances.