Regulatory Alerts2021-05-28 | 13330International Financial Reporting Standard No. 9 (IFRS 9) – Central Bank of Lebanon Circular Decision No. 13330 Amending Decision No. 12713
The Central Bank of Lebanon issued Circular Decision No. 13330 to amend Decision No. 12713 regarding the application of International Financial Reporting Standard No. 9 (IFRS 9). The directive extends the deadline for non-reducing loan classifications for coronavirus-affected customers to June 30, 2021 and mandates that banks complete future financial situation assessments by the same date. Furthermore, it requires expected credit loss expenses to be calculated based on these post-assessment results and fully recorded in the 2021 profit or loss statement.
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