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Apr, 2018

IFRS 9 IMPACT ASSESSMENT MORE QUESTIONS THAN ANSWERS

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While December 2017 saw the oil industry in the G.C.C were rejoice over an 18% uptick in oil prices from January 2017, the banking sector saw the culmination of year-long preparations for IFRS 9 compliance, with most banks bracing for a negative impact on their balance sheets. This new standard on accounting for financial instruments brings in significant changes to the impairment assessment methodology to address concerns about “too little, too late” provisioning for loan losses. The guidelines accelerate the

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