IFRS 9 Financial Instruments is the IASB’s replacement of IAS 39 Financial Instruments: Recognition and Measurement.
14 November 2017, 9:00AM - 6:00PM, EEST
IFRS 9 Financial Instruments is the IASB’s replacement of
IAS 39 Financial Instruments: Recognition and Measurement. The Standard
includes requirements for recognition and measurement, impairment,
derecognition and general hedge accounting.
IFRS 9 is effective for annual periods beginning on or after
1 January 2018 and is currently subject to the Central Bank of Egypt’s
The impact of IFRS 9 Financial Instruments has attracted a
huge amount of interest, speculation, debate and will have a massive impact on
how banks account for credit losses on their loan portfolios.
IFRS 9 is significantly different as compared to IAS 39 and
the currently applied Central Bank of Egypt regulations. Implementation of IFRS
9 is expected to present various challenges that need to be addressed. These
challenges pertain to the following areas:
• Operationalizing business model based reporting approach;
• Determination of expected credit losses;
• Implications on capital adequacy, risk adjusted return on capital;
• Key performance indicators;
• MIS reporting templates.
KPMG Hazem Hassan, in response to these challenges, was
pleased to conduct a workshop held at Intercontinental Semiramis Hotel -
El Nile Corniche on Tuesday 14 November 2017, addressing these challenges and
we had the honor to invited esteemed nominees from top management including
finance, risk, ..etc to attended this workshop.
We have discussed the different aspects of the standard and
shared with attendees how various banks did approach the implementation of IFRS
9 including practical issues on implementation. A KPMG experienced team
consisting of (Aziz Maher - Head of Audit for Financial
Institutions – KPMG Hazem Hassan, Rajosik Banerjee, Partner -
KPMG India, Amitava Mukherjee, Director - KPMG India, Venkateswaran
Narayana, Director , KPMG India) have conducted the presentations.