This report from the Enhanced Disclosure Task Force (EDTF) considers the changes banks will need to make to their financial disclosures with the implementation of a new expected credit loss accounting standard. The International Accounting Standards Board issued a new credit impairment approach, International Financial Reporting Standard 9 Financial Instruments (IFRS 9), in 2014 to replace International Accounting Standard 39 Financial Instruments: Recognition and Measurement (IAS 39). The US Financial Accounting Standards Board has substantially completed re-deliberations on its credit losses standard with issuance of a new standard expected in the first quarter of 2016. Although the new approaches are expected to differ in some details, both are based on the measurement of ECL. The EDTF report concludes that for many banks significant changes to systems and processes may be required, which will require substantial time and resources to deliver. It also concludes that some banks will need to develop and enhance governance over the recognition and measurement of credit losses, particularly to develop capability to make informed judgements about the use of forward-looking information.