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If based on ECL aren’t we double counting loss (fair value and impairment)?

Consider the investment on a bond with a fair value of 97 (based on a “default risk free” value of 102 and -5 of loss; of which 1,5 for the first 12 month).
When accounting for the position you will have 97 and an impairment of 1,5 then 95,5.
95,5 comes then from 102 – 3,5 (loss after the first 12 months) – 2 * 1,5 (loss of the first 12 months and impairment) .

in IFRS 9 - Financial Instruments by

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