On 1 January 2019, aBi Finance Ltd adopted International Financial Reporting Standard Nine (IFRS 9). IFRS 9 Financial Instruments replaces IAS 39 Financial Instruments: Recognition and Measurement and introduces new requirements for: the classification and measurement of financial instruments, and the expected credit loss recognition model.
On this note, Summit Consulting Ltd conducted IFRS 9 training at aBi Finance Ltd for two (2) days from 12th to 13th February 2019 in light of the changes in the financial reporting standards. This is to ensure that aBi Finance complies to best reporting standards as well as promote transparency among the stakeholders.
AI, big data analytics, IT automation and new standards in compliance and report redefining the banking sector: How ready is Housing Finance Bank?
The need to showcase transparency and stability in the economy especially in the banking sector saw the introduction of the International Financial Reporting Standard Nine (IFRS 9).
The new standard calls for prudent measures in recognition of expected losses as this impacts heavily on HFB’s core capital and profit & loss.
Its the Board's call to ensure HFB meets all the reporting and compliance requirements. Is the Board of HFB ready for the new era of banking?
How does Housing Finance Bank ensure on-going compliance with the ever increasing regulatory requirements by the Central Bank of Uganda?
The newly introduced International Financial Reporting Standards 9 (IFSR 9) specifies how HFB should classify and measure her financial assets, financial liabilities, and some contracts to buy or sell non-financial item.
This means that developing internal capacity to compile with BoU requirements is critical to Housing Finance Bank. And to this end, HFB has retained Summit Consulting Ltd to train HFB staff so as to ease compliance in area of IFRS 9.