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IFRS 9: Transition impact on banks in the Gulf Cooperation Council

IFRS 9: Transition impact

In this publication, we have aimed to provide succinct analysis and insights on the impact of changes in classification and measurement of financial assets and recognition of expected credit loss (ECL) on banks in the GCC.

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The biggest accounting development for banks this year has been the implementation of IFRS 9 Financial Instruments, which was expected to have a significant impact on the balance sheet, regulatory ratios and capital along with accounting systems and processes. Now that IFRS 9 is effective, banks’ implementation projects have taken final shape and reflect their thinking and judgement in the application of this new standard. We are delighted to present our publication IFRS 9: Transition impact on banks in the Gulf Cooperation Council (GCC), which analyses the financial impact on the initial adoption of IFRS 9 by listed commercial banks in the GCC countries.

Our previous publications on IFRS 9 have discussed in detail the changes, application issues and illustrative presentation and disclosure requirements introduced by IFRS 9. In this publication we have aimed to provide succinct analysis and insights on impact of changes in classification and measurement of financial assets and recognition of expected credit loss (ECL) on banks in the GCC. The publication, however, does not cover the impact of changes arising from hedge accounting guidance. We have also summarized the key regulatory guidance issued for implementation and market approaches adopted for the calculation of ECL by each of the GCC country covered in the publication

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