Banks to begin reporting financials under IFRS 9 starting from 2019 -CBE

Banks in Egypt will be requiredto begin presenting their financial statements in accordance with the IFRS 9 accounting standards starting from FY 2019, the central bank announced. The central bank is expecting all banks to present it with a plan to implement IFRS 9 with a clear timeline by the end of June 2018. Banks will trial IFRS 9 regulations with their auditors for the 2018 results, which will be presented according to current regulations. The central bank’s directive also requires banks to report to it their capital adequacy ratios on a quarterly basis after taking into consideration IFRS 9 regulations.