What are the four categories of financial instruments? Enumerate the major changes made in the realm of financial instruments through IFRS 9.

-IFRS 9 is the first part of Phase 1 of the IASB’s project to replace IAS 39. Financial Instruments: Classification and Measurement, which is Phase 1, was published in July 2009 and contains proposals for both assets and liabilities within the scope of IAS 39. An entity shall apply IFRS 9 for annual periods beginning on or after 1 January 2013. Earlier application is permitted. If an entity applies this IFRS in its financial statements for a period beginning before 1 January 2013, it shall disclose that fact.