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What the new Enhanced Disclosure Task Force report means for banks

Published on: 08 Dec 2015

In the wake of the financial crisis, the G20 asked the IASB to revise accounting requirements so that financial institutions’ expected credit losses were captured as well as losses that had been incurred. The Financial Stability Board (FSB) also established the Enhanced Disclosure Task Force, a group comprising banks, analysts, investors and auditors.

Banks should consider the Enhanced Disclosure Task Force (EDTF) guidance for their next annual reports. Those with December year ends should act quickly to ensure appropriate implementation. In particular, banks' Chief Accountants need to consider their implementation projects in the light of the new recommendations to ensure that the appropriate data are available for their expected credit loss disclosures.

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