IASB to create a transition resource group for the impairment of financial instruments
23 Jun 2014
The International Accounting Standards Board (IASB) has announced the creation of a transition resource group that will focus on the upcoming new requirements for impairment of financial instruments. The transition group will support stakeholders by providing a discussion forum on implementation issues that may arise as a result of the new impairment requirements under IFRS 9 'Financial Instruments' (2014), which is expected to be issued later this year.
The new expected credit loss model for the impairment of financial instruments under IFRS 9 will represent a fundamental change to current practice. The changes will have significant implications from an implementation as well as a systems perspective, particularly in the financial services sector. The transition resource group will provide support for stakeholders after the standard is published, ensuring a robust and consistent implementation.
The IASB is seeking nominations for the transition resource group, which will consist of 14 to 18 specialists representing financial statement preparers, auditors and related groups. The group is expected to meet 2–3 times per year.
More information on the impairment of financial instruments transition resource group is available on the IASB website.
