IFRS 9, introduced by the IASB, replaced the "incurred loss" model of IAS 39 with a forward-looking Expected Credit Loss (ECL) approach, significantly reshaping how credit losses are recognized. This shift, driven by the 2008 financial crisis, ensures earlier and more transparent recognition of financial risks. IFRS 9 impairment applies to financial assets, requiring businesses to pro... https://www.skmcglobal.com/blog/ifrs-9-impairment-a-complete-guide