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Impairments of Greek Government Bonds under IAS 39 and IFRS 9: A Case Study

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Accounting Theory and Financial Reporting Auditing, Earnings Management, Governance Credit Risk and Financial Regulations

Abstract

International Financial Reporting Standard 9 (IFRS 9) 9 introduces new impairment rules responding to the G20 critique that International Accounting Standard 39 (IAS 39) results in the delayed and insufficient recognition of credit losses. In a case study of a Greek government bond for the period 2009–2011 when Greece’s credit rating declined sharply, this paper highlights the discretion that preparers have when estimating impairments. IFRS 9 relies more on management expectations and will lead to earlier impairments. However, these appear still delayed and low if compared to the fair value losses.

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References

1999A Review of the Earnings Management Literature and Its Implications for Standard Setting 2011Sovereign Defaults: The Price of Haircuts 2005Haircuts: Estimating Investor Losses in Sovereign Debt Restructurings, 1998-2005 2011Mandatory IFRS Adoption and Accounting Quality of European Banks (2011), with Günther Gebhardt 2000Bank Loan-Loss Accounting: A Review of Theoretical and Empirical Evidence 2016The Interaction of the IFRS 9 Expected Loss Approach with Supervisory Rules and Implications for Financial Stability 2013Did the SEC impact banks' loan loss reserve policies and their informativeness?2007Financial Instruments and Institutions: Accounting and Disclosure Rules

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