Circular No. 12777 Regarding Early Application of IFRS 9 Phase 1 for Licensed Banks

In the Name of Allah, the Most Gracious, the Most Merciful

Number: 12777
Date: 16/1/1432 AH
Corresponding to: 2010/5/22 AD

Circular to Licensed Banks

Subject: Banks' Financial Statements

The Central Bank of Jordan, keen on keeping pace with developments in International Financial Reporting Standards, and in light of the issuance of Phase 1 of International Financial Reporting Standard (IFRS) No. (9) regarding Financial Assets, and since the application of financial reporting standards falls upon banks and their auditors, we emphasize the necessity of working, in coordination with your auditors, to take the necessary steps and procedures to begin the early application of Phase 1 of International Financial Reporting Standard (IFRS) No. (9) starting from 1/1/2011, so that the effect of the application is reflected in your financial data starting from 30/6/2011.

Please accept our highest respect,

Governor
Fares Abdul Hamid Sharaf

Website: www.cbj.gov.jo • E-mail: info@cbj.gov.jo • Fax: 4638889, 463973, 463976 • Phone: 463-301 • P.O. Box: 37, Amman 11118, Jordan