EBA raises concerns over banks’ implementation of IFRS 9
Profit and loss volatility likely to rise due to new credit risk guidelines, banks say
The European Banking Authority (EBA) has raised concerns over how some of Europe's banks are preparing to implement the latest version of the International Financial Reporting Standards, IFRS 9.
IFRS 9, due to come into effect in 2018, was "overall, an improvement" on International Accounting Standard 39 (IAS 39), the EBA said. A "significant number of banks" in the European Union apply IFRS standards, the EBA said in a report published on November 10.
Interpreting and applying some IFRS 9
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