Regulatory Alerts2019-02-26
Circular No. 42 issued on February 26, 2019 regarding instructions for implementing the International Financial Reporting Standard (9)
The letter is from the Central Bank of Egypt to the Chairman of the Board of Directors of a bank. It discusses the implementation of the International Financial Reporting Standards (IFRS) 9, which will take effect on January 17, 2018, and the bank's obligation to prepare its financial statements accordingly by January 28, 2018. The letter also mentions the need to prepare the bank's financial statements for 2019 in accordance with the IFRS 9 standards. It emphasizes the importance of adhering to the IFRS 9 standards and the need to prepare the bank's financial statements for 2018 based on these standards. The letter provides guidance on the application of the IFRS 9 standards, including the treatment of financial assets and liabilities, the expected credit losses, and the impairment of financial instruments. It also highlights the role of the bank's management and the importance of internal controls and governance in ensuring compliance with the IFRS 9 standards.