International Financial Regulatory Standard
IFRS 9 Financial Instruments issued on 24 July 2014 is the IASB's replacement of IAS 39 Financial Instruments.
IFRS 9 specifies how an entity should classify and measure financial assets, financial liabilities, and some contracts to buy or sell non-financial items.
This standard will affect Credit Losses, Classification and Measurement, Hedge Accounting and Disclosures.
The new financial instruments standard will be a significant accounting change for banks. With the January 2018 effective date fast approaching, time is of the essence.
Implementation of IFRS 9’s forward-looking requirements may be challenging and will involve a high degree of judgement.
FinTrak IFRS Conversion system will convert your financial statements to meet IFRS expectations leveraging on your existing SAS data and generates complete IFRS reports & disclosures required for both internal and audit purposes consolidated IFRS reports.
The solution also possess capacity for generating group IFRS expectations leveraging on your existing SAS data and this process involves extracting financial instruments data from various data sources/ applications/ data sources loading
data into the system, which the FinTrakIFRS calculation engine consumes and processes to generate and present IFRS output values for each financial instrument transaction together with
IFRS impact adjustments affecting statement of comprehensive income and Statement of financial position.
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