CAEW publishes guide to IFRS 9 and COVID-19
22 April 2020
The Institute of Chartered Accountants in England and Wales (ICAEW) Financial
Services Faculty has published a guide to help banks and their auditors deal
with the effects of coronavirus on financial reporting under IFRS 9 'Financial
Instruments'.
The guide sets out considerations to help banks and their auditors deal with three
areas of the standard affected by the economic consequences of coronavirus:
- forecasting and multiple economic scenarios;
- significant increase in credit risk; and
- reporting and disclosure
The guide draws together statements from the International Accounting Standards
Board, European Securities and Markets Authority and the Basel Committee on Banking
Supervision about how the principles in IFRS 9 may be applied to the situation
created by COVID-19.
Please click to access the following information on the ICAEW website:
- Press release
- The full version of the guide