The International Accounting Standards Board (IASB), the standard-setter responsible for International Financial Reporting Standards (IFRS), has confirmed that the new impairment transition resource group (ITG) to support the implementation of IFRS 9, Financial Instruments (2014), will meet up to three times a year in the run-up to implementation of the new standard in 2018
The ITG will act as a forum for stakeholders to discuss emerging implementation issues arising from the new impairment requirements following the issue of IFRS 9 (2014). It will also provide information to help the IASB determine what, if any, action will be needed to resolve such diversity, although it will not itself issue guidance.
Meetings will be observed by regulatory bodies including members of the Basel Committee on Banking Supervision.
The IASB expects that the ITG will meet two to three times a year, depending on the volume and complexity of the issues raised.
The first meeting is planned for the last quarter of 2014, with details to be announced in due course. All meetings will be public and chaired by IASB member Sue Lloyd.
Any stakeholder can submit a potential implementation issue for discussion at ITG meetings. The IASB will evaluate each submission and prioritise the issues for discussion at ITG meetings.
The new standard will come into effect on 1 January 2018 with early application permitted.
More information about the ITG, including instructions and the criteria for submitting a potential implementation issue, is available on the IFRS Foundation website at http://www.ifrs.org/About-us/IASB/Advisory-bodies/ITG-Impairment-Financial-Instrument/Pages/Home.aspx