Will IFRS 9 add to the trustworthiness of accounts? The primary aim of IFRS 9 is to establish a significantly improved accounting standard for presenting users of financial statements with information that is relevant, useful, and more comprehensive in assessing the amounts, timing and uncertainty of a firm’s cash flows from financial instruments.
Provisions for bad debts will be larger and maybe more volatile, and adopting the new rules will require a lot of time, effort and money. As of today, I understand, it is unclear if the new accounting rules will strengthen the trustworthiness of accounts because of the complexity of the standard. 3.