[Global Financial Insights] IASB Publishes Its Post-Implementation Review of Impairment Requirements in IFRS 9 and More
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- Last Updated on 12 July, 2024
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Global Financial Insights is a weekly feature for the Accounts and Audit Module subscribers of Taxmann.com. It provides you with the latest updates on financial reporting and auditing practices from across the globe. Here is this week’s financial update.
1. IASB publishes its Post-implementation Review of Impairment requirements in IFRS 9
The International Accounting Standard Board (IASB) has concluded its post-implementation review of the impairment requirements in IFRS 9, Financial Instruments. Considering the effects of applying impairment requirements the IASB intended to conduct the aforesaid post-implementation review. After considering thousands of feedback and detailed research, IASB concluded that the effects of applying the impairment requirements aligned with the IASB objectives. Furthermore, IASB published the report with the following conclusions:
- There are no fundamental questions (fatal flaws) about the clarity or suitability of the core objectives or principles in the requirements.
- In general, the requirements can be applied consistently. However, further clarification and application guidance is needed in some areas to support greater consistency in application.
- The benefits to users of financial statements from the information arising from applying the impairment requirements in IFRS 9 are not significantly lower than expected. However, targeted improvements to the disclosure requirements about credit risk are needed to enhance the usefulness of information for users.
- The costs of applying the impairment requirements and auditing and enforcing their application are not significantly greater than expected.
IASB is also considering the ongoing feedback of the users and shall consider the same to explore whether requirements for modification, derecognition, write-off of financial instruments, and the consequential effects on recognition of expected credit losses, can be clarified as part of its project on Amortised Cost Measurement.
Source: IFRS Foundation
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