MFRS 9 is a complex accounting standards governing financial instruments that has replaced MFRS 139. Issued by the London-based International Accounting Standards Board, IFRS 9 was designed to address the too little too late criticism following the 2008/2009 global financial crisis.

Discuss the significant impacts of MFRS 9 to corporate world particularly the financial institutions. You have to look into the approach of MFRS 9 to impairment loss too.