International Financial Reporting Standard 9 (IFRS 9)

International Financial Reporting Standard 9 (IFRS 9) is one of a series of accounting standards set by the International Accounting Standards Board. Its objective is to establish principles for the reporting of financial assets and financial liabilities that will present relevant and useful information to users of financial statements for their assessment of the amounts, timing, and uncertainty of the entity\'s future cash flows. It requires banks to recognise impairment on assets sooner and to estimate lifetime expected losses against a wider spectrum of assets.