Regulatory Alerts2017-09-19 | BSD/DIR/GEN/LAB/10/032Further Guidance to Banks and Discount Houses on the Implementation of IFRS 9 (Financial Instruments) In Nigeria
The letter informs banks in Nigeria of a delayed commencement date for the parallel run of IAS 39 and IFRS 9 system requirements, now set for October 1, 2017. This delay is to allow banks to finalize their ECL Models and IFRS 9 accounting policies. Banks are also required to assess and report on the financial impact of IFRS 9 implementation by October 31, 2017.
09-462-36401 BSD/DIR/GEN/LAB/10/032 September 6, 2017 Letter to All Banks FURTHER GUIDANCE TO BANKS AND DISCOUNT HOUSES ON THE IMPLEMENTATION OF IFRS 9 (FINANCIAL INSTRUMENTS) IN NIGERIA Further to the Guidance Notes on the Implementation of IFRS 9 (Financial Instruments) in the Nigerian banking sector issued by the Central Bank of Nigeria on December 20, 2016, banks are required to note that the commencement date for the parallel run of IAS 39 and IFRS 9 system requirements has been shifted to October 1, 2017. This is to enable banks conclude the deployment of their newly developed ECL Models and implementation of IFRS 9 accounting policies for classification and measurement as well as impairment calculations. Also, banks are required to assess the financial impact of the implementation of IFRS 9 on their operations. The assessment reports which should detail comprehensively the expected impact on total provisions, capital and reserves as well as capital adequacy as at June 30, 2017, should reach the undersigned on or before October 31, 2017. Yours faithfully, THOMPSON O. SUNDAY FOR: DIRECTOR OF BANKING SUPERVISION