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Challenges in transitioning to IFRS 9
As IFRS 9 moves from ‘project mode’ to business as usual, John Mongelard takes you through the key challenges in transitioning.
The accounting year-end is rapidly approaching. Throughout 2018 the Prudential Regulation Authority has been working with the big banks, auditors and investors to develop a framework for IFRS 9 disclosures through the taskforce on disclosures about expected credit losses (DECL).
By the time you read this, we should see the output from the DECL taskforce. The timing means that realistically there may not be enough time to implement the recommendations for this year-end. But in due course, the new templates and disclosures will shed light to help offset the judgement and potential lack of comparability that IFRS 9 introduces.