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Get ready for IFRS 9: The impairment requirements

Louise Kelly Louise Kelly

While IFRS 9’s mandatory effective date of 1 January 2018 may seem a long way off, companies really need to start evaluating the impact of the new Standard now. As well as compiling the information necessary to implement the Standard, companies will need to review loan covenants and other agreements that could be affected by the impact on reported results.

This is the second in a series of publications designed to get you ready for IFRS 9. In this issue, we bring you up to speed with the Standard’s new impairment requirements by looking at:

  • the scope of the new impairment requirements;
  • the general (or three-stage) impairment approach;
  • simplified model for trade receivables, contract assets and lease receivables;
  • purchased or originated credit-impaired financial assets;
  • presenting credit losses; and
  • disclosures.