Accounting shake-up set to hit China shadow banking
Banks brace for extra provisions under IFRS 9 for loans masquerading as investment products
A switch by China’s banks to new accounting standards, if adopted in full, may lead to a reclassification of indirect forms of lending and an increase in the provisions held against this activity. Observers say the move could help wean the country off its reliance on a bloated shadow banking sector.
The rules, known as IFRS 9, are predicted to aid China’s financial authorities in their bid to
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