As of January 1, 2018, IFRS 9 will replace the current IAS 39 across several jurisdictions, including many European countries.
By focusing on expected credit losses, IFRS 9 will represent a significant shift from IAS 39 (incurred losses) since the new impairment requirements determine that expected losses will have to be computed not only for non-performing assets, but also for performing assets, with a direct impact on Profit and Loss (P&L).