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ICAEW provides briefing paper on IFRS 9 for banks

  • ICAEW (Institute of Chartered Accountants in England and Wales) (lt green) Image

05 Sep 2017

The Institute of Chartered Accountants in England and Wales (ICAEW) has published a briefing paper for analysts and other market participants on International Financial Reporting Standard (IFRS) 9 'Financial Instruments'. The ICAEW has also issued a briefing note for a non-technical audience.

The briefing paper covers:

  • A brief introduction about the development of IFRS 9 and expected loss accounting.
  • A word of caution from the ICAEW that it is very unlikely that the expected loss estimates which banks have had to assess for banking regulatory purposes would be the same as those required for IFRS 9 purposes.
  • Stages of measuring impairment under IFRS 9.
  • Complexities for banks in applying the requirements of IFRS 9.

The briefing note covers an understanding of the role of banks, changes required by IFRS 9 and the expected effect on banks in applying its requirements.

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