All Domestic Systemically Important Banks in Canada transitioned to the IFRS 9 accounting standard in fiscal 2018. The IFRS 9 standard requires banks and other financial institutions to calculate their provision for credit losses (PCL) according to a new expected loss model instead of the incurred loss model that existed previously under IAS-39. The COVID-19 pandemic provides a unique opportunity to observe how IFRS 9 functions in an uncertain environment where expectations of future conditions change drastically and rapidly. In this environment, financial institutions have difficulty constructing a consistent narrative in their financial statements quarter-over-quarter as PCL estimates continually shift with changes to macroeconomic and borrower risk rating projections. Distinct challenges posed by model performance, industry borrower relief programs, government support programs and borrower behaviour additionally complicate PCL estimation and subsequent portfolio management. The session will look at key insights from financial statement and supplementary disclosures about how banks have provisioned for credit losses during the pandemic and what we can expect in 2021.