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IFRS 9 Financial Instruments heralds in significant changes for financial instruments accounting that are expected to have a far-reaching impact on financial institutions globally.
Recognizing the enormity of the task at hand and to provide thought leadership to the financial institutions industry as they add IFRS 9 transition to the growing list of regulatory and accounting changes, KPMG in Canada has developed an IFRS 9 task force that, in tandem with KPMG's Global IFRS 9 task force, is assisting Canadian financial institutions with their transition plans and approaches, identifying IFRS 9 implementation issues and finding practical solutions.
Our task force brings our learnings from the global markets to Canadian financial institutions and at the global stage raises issues identified by Canadian financial institutions.
IFRS 9 will fundamentally re-shape financial statements and potentially the earning profile of most financial institutions. This will in turn demand an assessment of the impact on a bank's business and its capital requirements. This is clearly not just an accounting change. People, processes, systems and the business will all be affected.
Additionally, this wave of change is set within the broader change agenda. KPMG is working with financial institutions to also identify critical links between IFRS 9 and regulatory changes and help assess how to avoid decisions with unintended consequences while gaining synergies in effort.
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