The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) post-implementation review of IFRS 9 Financial Instruments. The second stage of the post-implementation review of IFRS 9 focuses on assessing the effectiveness of the “expected credit loss” impairment model.
In undertaking the review, the IASB:
- considers important or contentious issues in the development of the IFRS Accounting Standards;
- considers issues that have come to the IASB’s attention since publication; and
- identifies areas in which unexpected costs or implementation problems were encountered.
The AcSB is participating in the consultations and activities on this project to ensure that Canadian entities’ financial reporting needs are considered by the IASB. The review of IFRS 9 impairment model may lead to the IASB making minor amendments to the standard, preparing an agenda proposal for a broader revision of the standard, or perhaps no changes at all.