Regulatory Alerts2018-01-30
Added · Updated
Circular dated January 28, 2018 regarding instructions for implementing the requirements of International Financial Reporting Standard No. 9
The Central Bank of Egypt mandates that banks prepare financial statements in accordance with IFRS 9 starting from the fiscal year 2019, with specific effective dates depending on their reporting year-end. Banks are required to submit an approved implementation plan by June 30, 2018, and provide monthly progress reports and quarterly trial financial statements audited by accountants. Additionally, banks must establish a 1% risk reserve based on risk-weighted credit exposures from 2017 net profit to strengthen capital positions against expected credit losses, while management and auditors are responsible for verifying system adequacy and data accuracy.
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