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27 Feb 2017, 02:02 am

DFSA Hosts Outreach on International Financial Reporting Standard (IFRS) 9

The event was opened by Mr Ian Johnston, Chief Executive of the DFSA, who discussed the importance of a regulatory framework that reflects international standards in the development of financial centres, citing the Dubai International Financial Centre (DIFC) as an example. Speakers included Ms Neslihan Alankus Erkazanci, Chief Financial Officer MENA - HSBC Bank Middle East Limited; Mr Asim Rasheed, Group Financial Controller - Emirates NBD; Mr Zulfiqar Unar, Director Capital Markets and Accounting Advisory Services – PwC; and Mr Trevor Skinner, Banking Supervision Expert. The session was moderated by Mr Bryan Stirewalt, Managing Director, Supervision at the DFSA.

The event was targeted at DFSA regulated financial institutions, DFSA Registered Auditors and ICAEW members and other stakeholders and was well attended by over a 100 participants.

The panel discussed the new requirements for financial institutions under IFRS 9 which will take effect on 1 January 2018. The panellists shared their experience about the practical challenges and opportunities in implementing the same.

In his Opening Remarks, Mr Johnston said: “Since our inception, the DFSA has been fully committed to the implementation of IFRS, including the new and revised IFRS 9. From our continuous communication with the financial institutions in the DIFC, as well as their home regulators, we trust that they are well positioned to deal with the new standard.”

Mr Michael Armstrong, FCA and ICAEW Regional Director for the Middle East, Africa and South Asia (MEASA), said: “IFRS 9 is a milestone in the world of financial reporting but preparing for it is complex. The key to ensuring compliance is to start preparing now to instigate the required changes. Regional banks and financial institutions must speed up their efforts and get ready before IFRS 9 is introduced in just 10 months from now. While preparation for IFRS 9 requires time and money, it will bring financial institutions into a new world of long term forecasting."

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