For Banks and Other FIs
IFRS 9 is the International Accounting Standards Board’s (IASB) response to the financial crisis, aimed at improving the accounting and reporting of financial assets and liabilities. IFRS 9 replaces IAS 39 with a unified standard.
IFRS 9 replaces IAS 39, Financial Instruments – Recognition and Measurement.
It is meant to respond to criticisms that IAS 39 is too complex, inconsistent with the way entities manage their businesses and risks, and defers the recognition of credit losses on loans and receivables until too late in the credit cycle. The IASB had always intended to reconsider IAS 39, but the financial crisis made this a priority.
The IASB developed IFRS 9 in three phases, dealing separately with the classification and measurement of financial assets, impairment and hedging.
Other aspects of IAS 39, such as scope, recognition, and derecognition of financial assets, have survived with only a few modifications. The IASB released updated versions of IFRS 9 as each phase was completed or amended, and, as each phase was finished, entities had the opportunity of adopting the updated version. The final standard was issued in July, 2014.
Replacing IAS 39 with IFRS 9 will significantly impact banks’ financial statements, the greatest impact being the calculation of impairments:
DAY 1: IFRS9 Standard
DAY 2: “5 Whys” Problem Solving Technique
WHO SHOULD ATTEND?
- Internal Audit.
- Internal Control.
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ACCA - Association of Charted Certified Accountants
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