Regulatory Alerts2018-01-30
Circular dated January 28, 2018 regarding instructions for implementing the requirements of International Financial Reporting Standard No. 9
The letter is addressed to the Chairman of the Board of a bank, and it discusses the implementation of the International Financial Reporting Standards (IFRS 9) in Egypt. The Central Bank of Egypt is committed to ensuring that banks adhere to international best practices in the banking industry, including IFRS 9, to enhance the safety of banks' financial positions and promote transparency. The letter outlines the steps that banks must take to prepare for the implementation of IFRS 9, including forming a committee to oversee the transition, assessing the impact on financial statements, and developing a plan to measure expected credit losses. The Central Bank of Egypt has set a deadline of June 2018 for banks to fully comply with the new standard.