IFRS 9 replaced IAS 39 Financial Instruments: Recognition and Measurement. Accounting principles for recognising, measuring and disclosing information about financial assets and financial liabilities are covered under IFRS 9.
Key Abbreviations to know before we move ahead:
CECL Current expected credit loss
EAD Exposure at default
ECL Expected credit loss
FASB Financial Accounting Standard Board
IASB International Accounting Standard Board
IFRS International financial reporting standard
LGD Loss given default
PD Probability of default
PIT Point-in-time
RWA Risk weighted asset
TTC Through the cycle
UL Unexpected loss
