Our approach to adopting IFRS9 considers several aspects and help us understand the impact is not just accounting. Below are some examples of the inputs in our methodology. We Can Help Organizations:
FINANCIAL, TAXES AND REPORT
Identify the differences between IAS 39 and IFRS9;
Identify additional requirements in IFRS9;
Evaluate and plan the impact on prudential reporting and the ministry of finance;
Develop policies for IFRS9 (such as risk and accounting);
Evaluate and review, if applicable the current accounting reports (financial statement , P&L, etc.);
Design and implement templates for data capture;
Identify additional requirements for disclosure (such as Pillar 3 Basel);
Update the current reports according to the new requirements.
SYSTEMS AND PROCESSES
Identify information / data gaps;
Evaluate and review reporting policies and processes for new accounting requirements;
Evaluate the changes required to strengthen internal controls over accounting reports;
Involve the IT team to modify the processes of data analysis;
Identify changes needed for systems: ex. GL and account consolidation systems;
Evaluate the consistency and availability of information; Develop a Transition Plan to Transfer Data on Parallel Systems;
Establish contingency plans for additional information needs.
Develop communication plans and reduce surprises for stakeholders, such as investors, analysts and business units;
Re-evaluate internal management reports and business management measures (KPI’s);
Draw new terms of contracts to be established with clients; Budget for recruitment of technical functions, training, etc;
Develop an approach to market communication after the implementation of IFRS9.
Indicate a project team; Ensure responsibilities and realistic deliverables;
Create a work plan;
Develop and execute training plans for the areas involved;
Ensure knowledge about IFRS9 (impacts and challenges) within the Bank.