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Using CreditPro® To Measure Credit Losses In Investment Portfolios For IFRS 9 And CECL Requirements

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Credit Analysis
Using CreditPro® To Measure Credit Losses In Investment Portfolios For IFRS 9 And CECL Requirements

Jun. 08 2017 — After the global financial crisis in 2008, the G20 (Group of Twenty) tasked the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) to develop a single set of high-quality global standards that would provide unbiased, transparent, and relevant financial reporting to investors. Consequently, new financial instruments standards, such as the International Financial Reporting Standards 9 (IFRS 9) and Current Expected Credit Losses (CECL) were developed.

IFRS 9 will replace the current IAS 39 and will be implemented in several jurisdictions, including Europe and Canada. In the United States, where Generally Accepted Accounting Principles (GAAP) standards are currently in force, FASB finalized new accounting standards on “Recognition and Measurement” and “Expected Credit Loss” (ECL) of financial instruments in January and June 2016, respectively.

IFRS 9 and CECL will have a significant impact on entities with sizeable financial assets and, in particular, on financial institutions. The implementation date for IFRS 9 is January 1, 2018. If permissible, there will be an ealier adoption date. The implementation date of CECL is (a) January 1, 2020 for listed institutions; and (b) December 31, 2021 for other institutions. Earlier adoption will not be allowed until 2019.

In this whitepaper, we review the requirements for calculating ECL for IFRS 9 and CECL, and highlight how CreditPro® can be used to calculate ECL for financial instruments issued by corporations, financial institutions, and other entities with a case study.

Using CreditPro® To Measure Credit Losses In Investment Portfolios For IFRS 9 And CECL Requirements

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