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Basel Committee Guidance on credit risk and expected credit losses
The Basel Committee’s Guidance on accounting for ECLs outlines expected credit risk practices for implementing an ECL accounting framework.
In February 2015, the Basel Committee on Banking Supervision (the Committee) issued a Consultative Document: Guidance on accounting for expected credit losses (the CD) that outlined supervisory expectations regarding sound credit risk practices associated with implementing and applying an expected credit loss (ECL) accounting framework. The CD largely retained the Committee’s previous principles on sound credit risk assessment and valuation of loans (SCRAVL) that were issued in 2006, but was revised to reflect the move from an incurred loss to an ECL accounting model. This followed the publication of IFRS 9 Financial Instruments by the International Accounting Standards Board (IASB), application of which is mandatory for financial years beginning on or after 1 January 2018.