The new expected credit loss model for the impairment of financial instruments under IFRS 9 will represent a fundamental change to current practice. The changes will have significant implications from an implementation as well as a systems perspective, particularly in the financial services sector. The transition resource group will provide support for stakeholders after the standard is published, ensuring a robust and consistent implementation.
The IASB is seeking nominations for the transition resource group, which will consist of 14 to 18 specialists representing financial statement preparers, auditors and related groups. The group is expected to meet 2–3 times per year.
More information on the impairment of financial instruments transition resource group is available on the IASB website.