ACTG 3110 Final: FInal Post-Midterm Articles

• School: York University
• Department: Accounting
• Course: ACTG 3110
• Professor: Elizabeth Farrell

Document Summary

Article # 13: ifrs 9 a complete package for investors. Ifrs 9: brings together all aspects of accounting for financial instruments. Requires firms to estimate and account for expected credit losses for all relelvant financial assets. Firms will be required to use all relevant info available to them: historical loss, current info, reasonable and supportable forward-looking info. Existing ifrs: only allowed impairment losses to be recognized when loss had already been incurred. Impairment measured differently depending on how financial instrument classified. New impairment model provides 2 important pieces of info: portion of expected credit losses recognized for all relevant instruments, way in which interest revenue calculated depends on whether asset considered to be credit impaired. Financial assets will either be measured at: amortized cost, fvtoci, fvtpl. Debt instruments can only be measured at fvtoci if: held in particular business model: existing ifrs: available for sale category.