The IFRS Foundation has released a video on IFRS 9 Financial Instruments explaining the accounting treatment for the new impairment model and providing advice on implementation, now available on YouTube
The six-minute video covers the background to the new loan loss requirements in IFRS 9, how the new standard contributes to financial stability and the relationship between the accounting requirements and bank (prudential) regulators’ capital requirements.
IFRS 9 comes into force from 1 January 2018 and replaces the old standard IAS 39, which was considered unfit for purpose in the face of significant financial stresses and risk for banks.
There are three presenters from the International Accounting Standard Board (IASB) including vice chair Sue Lloyd, and board members Darrel Scott and Stephen Cooper.
The IFRS 9 video is available on the IASB website and on IASB’s YouTube channel