Regulatory Alerts2019-08-27
Instruction No. 12/2019 of August 28
The National Bank of Angola issued Instruction No. 12/2019 to require Banking Financial Institutions under its supervision to apply International Financial Reporting Standard 9 (IFRS 9) procedures for the recognition, measurement, classification, and impairment of securities. The directive establishes comprehensive definitions, initial and subsequent measurement rules, fair value hierarchy requirements, and transitional provisions, while mandating that institutions reclassify assets only upon changes in their business models. It supersedes Instruction No. 09/2016, grants a 180-day compliance window, and stipulates that IASB standards prevail in case of conflicts.
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