Paper on the auditors' response to IFRS 9 published

Aug 03, 2017
A paper entitled ‘The auditors’ response to the risks of material misstatement posted by estimates of expected credit losses under IFRS 9’ has been issued by the Global Public Policy Committee (a group which focuses on public policy issues for the profession and comprises representatives of the six largest accounting networks).  The paper notes that introduction of new requirements for the accounting of expected credit losses in IFRS 9 Financial Instruments will be a significant change to the financial reporting of banks when required in 2018.