Buesa, Alejandro; Población García, Javier; … - 2019
IAS 39, IFRS 9 and US GAAP. We model the impact of credit impairments on the Profit and Loss (P&L) account under all three … procyclical than US GAAP because it merely requests to provision the expected loss of one year under Stage 1 (initial category …). Instead, since US GAAP prescribes that lifetime expected losses are fully provisioned at inception, the amount of new loans …