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ITG discusses implementation of impairment requirements in IFRS 9

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Dec 18, 2015

On December 18, 2015, our Global firm issued a summary of the third meeting of the IFRS Transition Resource Group for Impairment of Financial Instruments (‘ITG’) held on December 11 where implementation issues arising from the new impairment requirements following the issue of IFRS 9 'Financial Instruments' (2014) were discussed.

Topics discussed at the meeting included:

  • Meaning of current effective interest rate
  • Collateral and other credit enhancements and the measurement of expected credit losses
  • Inclusion of cash flows expected from the sale of a defaulted loan in the measurement of expected credit losses
  • Assessing for significant increases in credit risk for financial assets with a maturity of less than 12 months
  • Measurement of the loss allowance for credit impaired financial assets
  • Presentation of the loss allowance for financial assets measured at amortized cost
  • Scope of paragraph 5.5.20 of IFRS 9
  • Measurement of expected credit losses for charge cards
  • Period over which to measure expected credit losses for revolving credit facilities
  • Incorporation of forward looking scenarios

This meeting was the final meeting of the ITG; further meetings beyond 2015 have intentionally not been planned.

For more information, and a summary of the discussions at the meeting, see Deloitte’s IFRS in Focus.

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