Banks Asked For Update On Expected Credit Loss Reports

Law360, London (February 17, 2021, 2:15 PM GMT) -- The Bank of England's regulatory arm has told finance companies that it expects them to report their progress on implementing tough new rules that govern how they disclose their forecast credit losses in a given year.

The Prudential Regulation Authority has written to chief financial officers asking for an update on how successfully they have implemented new rules on disclosing credit losses to regulators and shareholders under the International Financial Reporting Standard 9, known as IFRS 9.

"The transparency such disclosures provides not only helps market participants directly, it also provides the means by which important steps can be taken to...

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