Impairment of Financial Assets - Simplified Approach
IFRS 9 discusses the relevance of impairment loss to be accounted for at the time of initial measurement of the financial asset itself. The simplified approach under IFRS 9 helps an entity to quantify the life time losses for majority of receivables and contract assets, rather than spending time analyzing the initial 12 months' expected losses and review these on each reporting date. While this is going to take care of majority of financial assets (taken through amortized cos