This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice ( for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Minutes of AASOC Meeting – October 22, 2015 - IFRS 9

  • AASOC Image

Jan 22, 2016

On January 22, 2016, the Auditing and Assurance Standards Oversight Council released the minutes of its October 2015 meeting.

At its 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.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.