Independent challenge amidst increased complexity: oversight of IFRS 9 Financial instruments
Extreme economic uncertainty, a web of government support measures and a lack of reasonable and supportable information all make calculating expected credit losses in the time of coronavirus even more challenging. ICAEW Financial Services Faculty’s Philippa Kelly looks at some of the questions boards should be asking.
Many aspects of financial reporting for banks and insurers are riddled with complexity, but the advent of coronavirus and the associated economic challenges have added complexity, difficulty and risk.
The challenge is particularly acute when calculating expected credit losses. In response to the crisis and the associated government support and regulator instigated relief measures, the standard is now being interpreted in a number of different ways to enable banks to best respond to the crisis.
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