EU fast-tracks IFRS 9 transition

By Jean Comte
12 Apr 2017

The European Parliament agreed on Tuesday to fast-track its work on how to bring in IFRS 9 accounting, following calls from the 28 European member states. European authorities aim to finish their work before January 2018, in order to avoid a ‘cliff effect’ on bank capital.

The new accounting standard is set to enter into force in early 2018, and will apply immediately to EU banks. This will mechanically cut bank capital levels, because IFRS 9 means provisioning deteriorating loans based on lifetime expected losses, not one year expected loss.

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