Regulatory Alerts2023-06-05 | 1395555910Added · Updated
Banking Circular 3 of 2023 - End of IFRS 9 Transition Period
The circular from the Central Bank of Kenya informs commercial banks, mortgage finance companies, and microfinance banks about the end of the five-year transition period for implementing the International Financial Reporting Standard (IFRS) 9 on financial instruments. The transition period allowed institutions to adjust to the new standard, which replaced the IAS 39 methodology for calculating impairment provisions. The circular also details amendments to reporting templates and the removal of certain columns related to adjusted capital calculations, as the transition period has ended.
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