Executive summary for research papers

What's different about impairment recognition under IFRS 9? Effective for annual periods beginning on or after 1 JanuaryIFRS 9 sets out how an entity should classify and measure financial assets and financial liabilities. Its scope includes the recognition of impairment.

Executive summary for research papers

Effective for annual periods beginning on or after 1 JanuaryIFRS 9 sets out how an entity should classify and measure financial assets and financial liabilities.

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Its scope includes Executive summary for research papers recognition of impairment. In the standard that preceded IFRS 9, the "incurred loss" framework required banks to recognise credit losses only when evidence of a loss was apparent.

It is a more forward-looking approach than its predecessor and will result in more timely recognition of credit losses. Expected credit loss framework - scope of application Under IFRS 9, financial assets are classified according to the business model for managing them and their cash flow characteristics.

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In essence, if a a financial asset is a simple debt instrument such as a loan, b the objective of the business model in which it is held is to collect its contractual cash flows and generally not to sell the asset and c those contractual cash flows represent solely payments of principal and interest, then the financial asset is held at amortised cost.

For the sake of simplicity, the remainder of this Summary will focus on the ECL framework as it applies to loans. Three stages of impairment Impairment of loans is recognised - on an individual or collective basis - in three stages under IFRS 9: Stage 1 - When a loan is originated or purchased, ECLs resulting from default events that are possible within the next 12 months are recognised month ECL and a loss allowance is established.

On subsequent reporting dates, month ECL also applies to existing loans with no significant increase in credit risk since their initial recognition. In determining whether a significant increase in credit risk has occurred since initial recognition, a bank is to assess the change, if any, in the risk of default over the expected life of the loan that is, the change in the probability of default, as opposed to the amount of ECLs.

The calculation of interest revenue is the same as for Stage 1. Lifetime ECLs are recognised, as in Stage 2. Twelve-month ECL is the portion of lifetime ECLs associated with the possibility of a loan defaulting in the next 12 months.

It is not the expected cash shortfalls over the next 12 months but the effect of the entire credit loss on a loan over its lifetime, weighted by the probability that this loss will occur in the next 12 months. It is also not the credit losses on loans that are forecast to actually default in the next 12 months.

If an entity can identify such loans or a portfolio of such loans that are expected to have increased significantly in credit risk since initial recognition, lifetime ECLs are recognised. Lifetime ECLs are an expected present value measure of losses that arise if a borrower defaults on its obligation throughout the life of the loan.

They are the weighted average credit losses with the probability of default as the weight. Because ECLs also factor in the timing of payments, a credit loss or cash shortfall arises even if the bank expects to be paid in full but later than when contractually due.

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They must also provide a reconciliation of the opening and closing ECL amounts and carrying values of the associated assets separately for different categories of ECL for example, month and lifetime loss amounts and by asset class.

Regulatory treatment of accounting provisions The timely recognition of, and provision for, credit losses promote safe and sound banking systems and play an important role in bank supervision.

This is reflected in the regulatory treatment of accounting provisions under the Basel capital framework. Given the diversity of accounting and supervisory policies in respect of provisioning and capital across jurisdictions, coupled with uncertainty about the capital effects of the change to an ECL accounting framework, the BCBS decided to retain - for an interim period - the current regulatory treatment of provisions as applied under both the standardised approach and internal ratings-based approaches.


The BCBS will consider the longer-term regulatory capital treatment of provisions further, including undertaking analysis based on quantitative impact assessments.About the NBER. Founded in , the NBER is a private, non-profit, non-partisan organization dedicated to conducting economic research and to disseminating research findings among academics, public policy makers, and business professionals.

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FSI summary "IFRS 9 and expected loss provisioning - Executive Summary".

Executive summary for research papers

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