neoaccounting

The in­tro­duc­tion of new re­quire­ments for the accounting for expected credit losses in IFRS 9 'Financial In­stru­ments' will be a sig­nif­i­cant change to the financial reporting of banks when required in 2018. The Global Public Policy Committee (GPPC) 1  have issued a paper titled  The auditor’s response to the risks of material mis­state­ment posed by estimates of expected credit losses under IFRS 9 . The paper is addressed primarily to the audit com­mit­tees of sys­tem­i­cally-im­por­tant banks, although much of its content will be relevant to other banks and financial in­sti­tu­tions, and aims to promote the im­ple­men­ta­tion of accounting for expected credit losses to a high standard. The paper notes that in­tro­duc­tion of new re­quire­ments for the accounting of expected credit losses in  IFRS 9   Financial In­stru­ments  will be a sig­nif­i­cant change to the financial reporting of banks when required in 2018. Banks are expected to design and im...