If you’re full of ideas about how credit impairments should be determined based on expected cash flows, here’s your chance to pipe up and help shape future accounting rules.

The International Accounting Standards Board and the Financial Accounting Standards Board are looking for candidates to serve on an expert advisory panel to help sort through the operational issues companies might encounter in following an expected cash flow approach to determine credit losses. The panel will help the boards determine what to do as they consider new requirements around the recognition and measurement of financial instruments more broadly.

FASB has already tentatively decided that entities should be required at the end of each period to measure an impairment loss as the present value of management’s current estimate of cash flows that are not expected to be collected. That estimate would take into consideration all available information relating to past events and existing conditions that might suggest a particular item is collectible, such as remaining payment terms, financial condition of the issuer, expected defaults, collateral values, and other environmental factors. It would not, however, take into account possible future scenarios.

The boards are not looking for experts who want to debate what’s been decided, but to explore the operational or implementation challenges that might arise with such an approach and to suggest solutions and guidance that might be necessary to address those. Panel members might also be called on to help with field testing.

FASB and IASB made it clear that they’re not looking for representatives of experts who will act as messengers and attend meetings, nor are they looking for panelists who will be bound by their employers to express specific views. Instead, the boards are looking for panelists with relevant hands-on experience with backgrounds in risk management, systems development or operations, product development, control and audit.

The boards hope to have final standards adopted by the end of 2010.