Regulatory Alerts2019-01-01
Circular No. 39: International Financial Reporting Standard No. 9
The Palestine Monetary Authority issued Circular No. 39/2019 to mandate that all banks operating in Palestine submit a comprehensive implementation report for International Financial Reporting Standard No. 9 (IFRS 9) by March 15, 2019. The circular requires banks to detail at least fourteen specific operational and methodological components, including their Expected Credit Losses modeling, probability of default and loss given default scenarios, internal control systems, and forward-looking macroeconomic indicator integration. Compliance must demonstrate systematic policy alignment, accurate stage classification for credit risk, and documented procedures for calculating provisions and addressing implementation obstacles.
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