New International Accounting Standards Board IFRS 9 rules on asset impairment take effect in 2018. Also, new U.S. Financial Accounting Standards Board (FASB) rules for recognizing and measuring current expected credit loss (CECL) take effect in 2020. While nominally called “accounting changes” for asset impairment, these new rules will have a much more extensive business impact.
To achieve this goal, banks will need substantial support from technology. GDS MODELLICA offers a high performance IFRS 9 Impairment engine, that includes a powerful simulation module, aimed to facilitate and accelerate the whole process and bring financial institutions into compliance on time and in an advantageous position.