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IFRS 9 Transition impact on banks in UAE and the GCC

IFRS 9: Impact on banks in the Gulf Cooperation Council

IFRS 9: Transition impact on banks in the UAE and the Gulf Cooperation Council

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emilo-pera

Partner and Head of Audit and Financial Services

KPMG Lower Gulf

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IFRS 9 Transition impact on banks in KSA and the GCC

The biggest accounting development for banks this year has been the implementation of IFRS 9 Financial Instruments, which was expected to have a significant impact on the balance sheet, regulatory ratios and capital along with accounting systems and processes. Now that IFRS 9 is effective, banks’ implementation projects have taken final shape and reflect their thinking and judgement in application of this new standard. We are delighted to present our publication IFRS 9: Transition impact on banks in the Gulf Cooperation Council (GCC), which analyses the financial impact on initial adoption of IFRS 9 by listed commercial banks in the GCC countries.

 

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