EFRAG and the National Standard Setters ANC, ASCG, FRC and OIC launch a field-test on the IASB’s expected credit losses model for financial instruments

On 7 March 2013, the IASB issued the Exposure Draft (ED) Financial Instruments: Expected Credit Losses. Under the proposed impairment requirements, entities will be required to recognise, measure and disclose expected credit losses in their portfolios of financial assets that are measured at amortised cost and FV-OCI, certain loan commitments and financial guarantee contracts, as well as trade receivables and lease receivables. This field-test is carried out by EFRAG with the National Standard Setters ANC, ASCG, FRC and OIC.