Summary of IFRS Exposure Draft - Financial Instruments: Expected Credit Losses

Category: IFRS

Summary of IFRS Exposure Draft - Financial Instruments: Expected Credit Losses

In March 2013, the International Accounting Standards Board (IASB) issued an Exposure Draft (ED) relating to the 2nd phase of the financial instruments project (i.e., amortized cost and impairment of financial instruments). Once these proposals are finalized they will be added as a chapter to IFRS 9 Financial Instruments and replace the current incurred loss model under IAS 39.

This document highlights the objective of the proposals, the key differences between the old and new impairment models and provides a summary with an example of the proposals.

Summary of IFRS Exposure Draft

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Michelle Balmer

Michelle Balmer CPA, CA

Vice President, Assurance

Michelle Balmer, CPA, CA, is a Senior Assurance Services Partner with MNP. With 14 years of experience in public practice, Michelle helps a broad range of public and privately held companies in a variety of industries. She also works on special projects, including costing studies, benchmarking and best-practice studies, operational analyses, litigation support and due diligence.

As a key member of MNP's Assurance team, Michelle has played an instrumental role in assurance policy development, implementing accounting and assurance standards firm-wide and educating assurance practitioners regarding methodologies and new pronouncements. She also provides technical advice and consultation on accounting and assurance issues, as well as on rules of professional conduct issues, to all MNP practitioners.

Michelle was certified a Chartered Accountant (CA) after obtaining a Bachelor of Commerce degree from the University of Alberta. She has been actively involved with the Institute of Chartered Accountants of Alberta, including the Chartered Accountants School of Business, in an instructional and marketing capacity. An avid volunteer, she has assisted numerous groups such as the Easter Seals of Alberta, Paralympic Sports Association and Junior Achievement of Northern Alberta.