The war in Ukraine is a humanitarian crisis and our hearts go out to the tens of millions of people whose lives have been devastated by this. Along with many major geopolitical events, it has some serious IFRS 9 implications, most obviously on all exposures to Russia and Ukraine, but it also impacts Europe and much further afield too.

Should you ever recognize impairment, or a provision on your intercompany loan (if you are a lender, of course)?

A financial guarantee is a specific type of a financial liability defined in IFRS 9. It arises when an entity backs up a loan or debt taken by another entity and it often happens among the companies within one group.