IIF SAG Letter regarding discussion held on November 13 on the proposed revised guidance for Sound Credit Risk Assessment and Valuation for Loans

As a result of the new accounting standards on impairment and provisioning included in' IFRS 9, released in July 2014, and the updated accounting standards on impairment of financial assets proposed by the US FASB for finalization in the first half of 2015, the Basel Committee is currently updating its guidance for Sound Credit Risk Assessment and Valuation for Loans to ensure high-quality and robust implementation of the Expected Credit Loss impairment model. On December 1st, the IIF, via its Senior Accounting Group (SAG), submitted a letter reflecting the discussion held with the Basel Accounting Expert Group (AEG) on the proposed revision of the guidance.