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IASB confirms members of IFRS 9 implementation support group

Tuesday 2 September 2014

Members of the implementation group set up to support the transition to IFRS 9 have been officially confirmed by the International Accounting Standards Board (IASB).

The new IFRS 9 was published in July 2014, and is effective for annual periods beginning on or after 1 January 2018.Its requirements include a logical model for classification and measurement; a single, forward-looking 'expected loss' impairment model; and a substantially-reformed approach to hedge accounting.

Although it is widely believed that the new standard will ultimately have a positive impact, it will present a new set of challenges to financial organisations and their auditors due to a need for increased judgement - the impact on regulatory capital ratios being a particular area of concern for many.

The IFRS Transition Resource Group for Impairment of Financial Instruments (ITG) will support stakeholders in the adoption of the new reporting standard by identifying, analysing and discussing common implementation stumbling blocks - highlighting potential issues for the IASB, but not issuing guidance directly.

The panel of twelve ITG Group members includes financial statement preparers (Barclays, Bank of China and Deutsche Bank) and major firm auditors with expertise relating to expected credit loss model for impairment, as well as knowledge about accounting for financial instruments under IFRS. They represent a broad spread of geographical locations.

The aim of the ITG is to help smooth the transition via the provision of a forum that will enable stakeholders to discuss emerging implementation issues and by providing information to the IASB about any such issues, allowing the Board to determine what (if any) action is required to resolve any problems reported.

The IASB anticipates that the ITG will meet two to three times a year, depending on the volume of issues reported. ITG meetings will be observed by regulatory bodies including members of the Basel Committee on Banking Supervision, will be chaired by IASB member Sue Lloyd, and will be public. The first meeting is planned for the last quarter of 2014 - details will be released in due course.

To help you learn more about important and complex IFRS issues in this area, IASeminars is pleased to offer the following courses:

  • IFRS Technical Update (2 days)
  • IFRS for Financial Instruments (2 days)
  • IFRS Financial Instruments Update (1 day)
  • IFRS Overview for Derivatives and Hedging (2 days)
  • IFRS for Derivatives and Hedging (3 days)
  • IFRS for Banks and Other Financial Institutions (2 days)
  • IFRS Immersion Workshop for Financial Institutions (8 days)

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