Brexit and IFRS 9 Financial instruments – expected credit losses
IFRS 9 Financial Instruments is applicable for reporting periods beginning on or after 1 January 2018. As there is still a lot of uncertainty with regards to the UK leaving the EU on 29 March 2019, already existing challenges around this new reporting standard could be exacerbated. This guide outlines some considerations to help banks and others, including auditors and internal auditors, approach these challenges before Brexit.
Our guide will provide an insight into Brexit’s potential impact on scenario analysis, including in the event of a no deal. It will also look at additional aspects of governance which may require additional time and effort, such as around models and assumptions, and the issues of dealing with non-linearity as well as disclosure requirements and how Brexit could influence those.
A range of other Brexit related resources is available in our Brexit hub.