The biggest accounting development for banks today is likely to be IFRS 9 Financial Instruments, which will have a significant impact on the balance sheet, along with accounting systems and processes. Now that IFRS 9 is effective, banks’ implementation projects should be well under way – Our materials will help you keep up to speed.
Our newsletter, The Bank Statement, brings you a topical quarterly update on the accounting issues affecting banks. Our IFRS Newsletter: IFRS 9 Impairment will help you keep abreast of the deliberations on how to implement IFRS 9’s new impairment model – conducted by the ITG, a discussion forum set up for this purpose by the IASB.
The new accounting requirements may also be impacted by regulatory requirements, such as those issued by the Basel Committee on Banking Supervision.
The new revenue standard, IFRS 15, will also be high on banks’ agendas, along with the new leases standard, IFRS 16, and other accounting projects – e.g. insurance and distinguishing liabilities and equity.