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The final IFRS 9 standard

Deloitte comments

24 July 2014

Andrew Spooner, lead financial instruments partner at Deloitte, said:

“The completion of IFRS 9 is a significant milestone for the IASB.
The new standard on financial instruments will affect all sectors though the introduction of an expected loss model for loan loss provisioning, but will impact banks most.
Banks have told us they expect provisions will increase, on average, by fifty per cent on adoption. IFRS 9 should give investors better insight into the credit quality of all financial assets, not just those that are considered ‘bad’. Putting the new requirements into practice by the effective date, however, will be a challenge. 2018 is not far away, given the need to better integrate credit risk management with financial reporting.”

Notes to editors
Earlier this year, Deloitte released its fourth global IFRS banking survey. Deloitte’s research took into account views from 54 banks from Europe, the Middle East & Africa, Asia Pacific and Americas. Responses were received from 14 of the 29 global systemically important financial institutions determined by the Financial Stability Board, including 11 of the 17 IFRS reporters. Altogether, 25 of the top 50 global banking groups measured by total assets listed in the Banker Top 1000 World Banks 2013 took part. 

About Deloitte
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.

Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.

The information contained in this press release is correct at the time of going to press.


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