IFRS 9 will improve stability – ESRB
New measures could reduce procyclicality of asset impairments in downturns
International Financial Reporting Standard 9 (IFRS 9) will considerably improve stability, according to a report by the European Systemic Risk Board (ESRB) published today (July 17).
Adoption of IFRS 9 will be mandatory for all European Union financial institutions as of January 2018. The new system will make the classification of financial institutions’ assets “in principle, be clearer and sounder than under its predecessor”, International Accounting Standard 39 (IAS 39), the ESRB says.
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