Lenders reveal struggles over IFRS 9 roll-out
Size of task caught some banks unawares, leading to botched home-grown systems or data problems
Reports on the impact of first-time adoption of IFRS 9 would suggest that the new accounting standard is a rather ho-hum affair. But hidden beneath this benign exterior has been a frantic scramble by banks to implement the regime for the January 1, 2018 deadline.
As well as overhauling how financial institutions measure assets and liabilities, the new rules transform the reporting of loan losses. Banks must now recognise expected credit loss (ECL) over the lifetime of assets where the
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