Date recorded:

At the Auditing and Assurance Standards Oversight Council meeting on October 22, 2015, it was noted that the Basel Committee on Banking Supervision has noted a need for guidance for auditors of financial institutions, especially to aid in the new accounting for impairment referred to as “expected credit losses” that is part of IFRS 9, Financial Instruments. The Basel Committee is concerned that the IAASB will be challenged to amend ISA 540 before January 1, 2018, the effective date of IFRS 9. They are also considering what could be done to ensure quality audits by auditors of financial institutions.

The Basel Committee is also working to finalize guidance on the supervisory requirements for sound credit risk practices affecting the assessment and measurement of allowances under IFRS 9.

Review the minutes on the AASOC's Web site.

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