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Banks are Facing Challenges Implementing IFRS

International Financial Reporting Standard 9 (IFRS 9) replaces International Accounting Standard 39 (IAS 39), and will significantly influence banks’ financial statements, with impairment calculations the most affected. IFRS 9 will cover financial institutions across Europe, Middle East, Asia, Africa, and Oceania.

IFRS9 impairment requirements don't change the amount of provisioning, but just the timing of when the recognition and subsequent provisioning takes place, i.e. as soon as the bank is aware that it is likely to happen. Banks are facing challenges with implementing new accounting standards. This version adds a new expected loss impairment model and limited amendments to classification and measurement for financial assets. The standard supersedes all previous versions of IFRS 9 and is effective for periods beginning on or after 1 January 2018 with early adoption permitted.

News Characteristics

Date : Mar 03, 2016
Region : Europe
Industry : Banks
Function : Regulation and Compliance
Sub-Function : Regulatory changes