On Wednesday 25 March, the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) issued clarifications on the application of the IFRS 9 international standard on accounting for financial instruments in the context of the COVID-19 crisis, particularly with regard to the calculation of expected credit losses.
Since the beginning of the crisis, Member States have adopted a series of support measures for businesses, including moratoria on repayment of loans,...