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IFRS 9: Financial Instruments

IASB meeting summaries and observer notes

 IASB / FASB February 2011



The IASB and the FASB discussed the definition of 'write-off' and tentatively decided that it will be defined as 'a direct reduction of the amortised cost of a financial asset resulting from uncollectibility'.

In addition, the standard will indicate that:

'A financial asset is considered uncollectible if the entity has no reasonable expectation of recovery. Therefore, an entity shall write off a financial asset or part of a financial asset in the period in which the entity has no reasonable expectation of recovery of the financial asset (or part of the financial asset)'.

All IASB and FASB members supported the decision

Date: 2/15/2011

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