Workshop to focus on IFRS 9 for banks and non-banking financial companies

MUSCAT, OCT 7 – Tax and audit services firm Crowe Horwath is hosting a workshop at Sheraton Oman Hotel tomorrow, October 9, on making the implementation of IFRS 9 easier for banks and non-banking financial companies (NBFCs).
The event will be inaugurated by Nasser al Rawahy, Deputy President of The State Audit Institution.
The workshop will be led by eminent faculties from Singapore, United Kingdom and Dubai to address the participants on the intricacies of IFRS 9, Readiness from IT Perspective and Challenges ahead.
“IFRS 9 sets out the requirements for recognising and measuring financial assets and liabilities and some contracts to buy or sell non-financial items. It fundamentally shifts the approach entities must take when analysing loans for impairment.
The standard addresses processes and system issues to be addressed in order to successfully adopt the expected credit losses (ECL) model of impairment and is especially relevant to financial institutions,” said Davis Kallukaran, Managing Partner at Crowe Horwath Oman
“Earlier IAS 39 was introduced in 2005 with the aim to prescribe unified rules for reporting of the financial instruments so that companies presented them in a transparent and a consistent way. The standard was extremely complicated and contained too many exceptions, inconsistencies and derogations. Therefore, International Accounting Standards Board decided to rewrite and replace IAS 39 with IFRS 9 applicable from January 1, 2018,” said Sridhar Sampath, who is the lead faculty at the workshop.
“Since the comparative figures of 2017 may have to be restated it is advisable to start the application from 2017 itself. Some of the regulators have insisted on the compliance from 2016 itself in bits and pieces every quarter so that the full impact may not be reflected in 2018.”