Regulatory Alerts2020-05-05
Added · Updated
Circular dated May 5, 2020 regarding the implementation of the International Financial Reporting Standard (IFRS9) in light of the Corona crisis
The Central Bank of Egypt mandates that banks prepare their annual financial statements in accordance with IFRS 9 for the fiscal years ending December 31, 2020, and December 31, 2021. Banks are required to apply the IFRS 9 impairment model to financial assets and recognize a significant loss indicator in their credit risk management facilities, without waiving the responsibility for assessing the quality of financial assets or the repayment capacity of their customers. This directive applies to banks subject to the Central Bank of Egypt's regulations.