The new IFRS 9 rules, and equivalent US GAAP standards are aimed at increasing the accuracy and transparency of how credit risk is represented on a company’s Balance Sheet and P&L. These will include requirements around the use of both historic as well as forward looking credit information in order to calculate the provisions for bad debt.
Also, the IASB and the FASB have jointly developed new revenue standards which will replace all existing IFRS and virtually all US GAAP revenue recognition requirements.
Aon’s Trading Perspectives Special Edition focuses on the nature and consequences of these new accounting standards and explores the specific solutions that companies may utilise in order to manage the impact on their financial statements.
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