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Transition Resource Group for Impairment of Financial Instruments

Background

The Transition Resource Group for Impairment of Financial Instruments of the IASB was created to keep the IASB informed on issues occurring during implementation of the new impairment requirements, to assist in determining what action may be needed to resolve diversity in practice, and to provide a public forum for stakeholders to learn about the new impairment requirements from others involved with implementation. IFRS 9, Financial Instruments, was issued in its final version on July 24, 2014, and must be applied in an entity's first annual IFRS financial statements for periods beginning on or after January 1, 2018.

 

Purpose of the Transition Resource Group

The group is responsible for soliciting, analyzing, and discussing stakeholder issues arising from implementation of the new impairment requirements. It informs the IASB about those implementation issues and will help the Board to determine what, if any, action will be needed to address those issues. The group also provides a forum for stakeholders to learn about the new requirements from others involved with implementation. It will not issue guidance.

 

Membership and meetings

Currently, the transition group has 12 members and is co-chaired by IASB member Sue Lloyd. Current members of the group can be found on the IASB's Web site.

The group is expected to meet two to three times a year. It will discuss potential issues arising from the implementation of the new impairment requirements. Issues may be submitted by any stakeholder. They will be evaluated before each meeting and prioritized for discussion. Submission details are available on the IASB's Web site.

Meetings of the transition group are open to the public and will be webcast. The first meeting is planned for the last quarter in 2014.

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