This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

UK taskforce publishes report on IFRS 9 expected credit loss disclosures

  • United Kingdom Image

28 Nov 2018

In November 2017, three regulators in the United Kingdom, one of which is the UK Financial Reporting Council, jointly established a taskforce on disclosures about expected credit losses. The taskforce is modeled on the Enhanced Disclosure Task Force (EDTF) of the Financial Stability Board (FSB) and was set up to promote high-quality disclosures about expected credit losses and to encourage greater consistency between and comparability of those disclosures. The taskforce has now published its first report.

The report sets out the disclosure principles used in developing its recommendations, as well as considerations applicable to all the recommended disclosures in respect of the scope, timing, frequency, location and granularity. It also summarises what the taskforce views as the most important considerations regarding expected credit losses and explains the related disclosures, why they matter to users, and set out a series of specific disclosure recommendations.

The recommendations in the report were developed primarily for use by the preparer firms represented on the taskforce. However, the recommendations may be of relevance to other banks and similar financial institutions as a guide to best practice.

Please click to download the report from the FRC website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.