CBE issues guidelines for last year’s directive requiring banks to follow IFRS 9

The Central Bank of Egypt has issued guidelines for a previously announced directive requiring banks to begin presenting their financial statements in accordance with the IFRS 9 accounting standards, according to Amwal Al Ghad. According to the guidelines, banks following fiscal year (as opposed to calendar) reporting will be required to comply with the standards starting from June. The guidelines also require banks to temporarily hire an additional auditor.