Banque Misr, Banque du Caire tap Moody’s to provide services for implementation of IFRS 9

Banque Misr and Banque du Caire have reached an agreement with Moody’s that will see the credit agency provide the two banks with the software and advise them on the technical and financial aspects of implementing IFRS 9 accounting standards, unidentified sources tell Al Mal. Moody’s reportedly beat out six other institutions for the contract, including Standard & Poor’s. The banks are expected to sign the final contracts this week or next week at the latest, according to the sources. The central bank had announced in January that banks in Egypt will be required to begin presenting their financial statements in accordance with the standards as of FY2019.