Discuss critically the shortcomings and criticisms of IAS 39 (AASB 139) which have given rise to IFRS 9 (AASB 9). How will the application of IFRS 9 (AASB 9) impact on the accounting for financial instruments in financial reports? Your discussion should be illustrated and informed by reference to two listed companies (ASX or other sources for the most recent years), that are either using IAS 39 (AASB 139) or that have decided to early adopt IFRS 9 (AASB 9). Your discussion should also consider the views of a range of researchers and accounting users, and be appropriately referenced from authoritative sources.