ITG discusses implementation of impairment requirements in IFRS 9
24 Apr 2015
On 22 April 2015, the IFRS Transition Resource Group for Impairment of Financial Instruments (‘ITG’) held its first meeting. The ITG is a discussion forum established by the International Accounting Standards Board (IASB) to provide support for stakeholders on implementation issues arising from the new impairment requirements following the issue of IFRS 9 'Financial Instruments' (2014).
Topics discussed at the meeting included:
- Forecasts of future economic conditions.
- Loan commitments — scope.
- Expected credit losses — measurement date.
- Assessment of significant increase in credit risk for guaranteed debt instruments.
- The maximum period to consider when measuring expected credit losses.
- Revolving credit facilities.
- Measurement of expected credit losses for an issued financial guarantee contract.
- Measurement of expected credit losses in respect of a modified financial asset.
For more information, and a summary of the discussions at the meeting, see Deloitte’s IFRS in Focus as well as the meeting summary on the IASB's website.