BOYET MURCIA
The most significant accounting change, bigger than the initial adoption of IFRS in 2005, is coming! International Financial Reporting Standards (IFRS) 9—Financial Instruments, a new accounting standard that will take effect on January 1, 2018, carries a provision where impairment losses will be measured based on expected credit loss model (ECL), a measurement method significantly different from the currently-used incurred credit loss model.