The International Auditing and Assurance Standards Board has released a publication describing some of the audit issues arising from the shift to Expected Credit Loss models when accounting for loan losses under new accounting standards.
ECL models are now required, or will soon be required, by some financial reporting frameworks, including the International Accounting Standards Board’s IFRS 9, Financial Instruments, which will take effect Jan. 1, 2018. The Financial Accounting Standards Board is expected to release its own version of the financial instruments accounting standard this year for loan losses under U.S. GAAP, taking a somewhat different approach to expected credit losses than the IASB’s version for International Financial Reporting Standards.
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