New accounting rules for recognising credit losses (IFRS 9) will be introduced in Norway from 2018. Under IFRS 9, recognition of credit impairment will be based on more forward-looking assessments than under the current rules. Banks' loan losses may increase, both when the rules are implemented and during down-turns, when credit risk rises. Many large Norwegian banks expect IFRS 9 to have little or no impact. The effects of the implementation of IFRS 9 have not yet been fully observed in practice, and therefore present policy challenges. As such, policy makers will continue to be challenged with dynamic considerations when addressing prudential systemic risk management.