Banks are scrambling to hit IFRS 9 deadline – survey

Canary Wharf

Major banks are scrambling to adapt their systems and processes in time for International Financial Reporting Standard (IFRS) 9, with many delaying tests longer than originally planned and holding back on reporting impact figures.

Several banks planned to begin testing in the first quarter, but have pushed their plans back. Meanwhile, many are waiting until the end of the year before releasing quantitative assessments of the impact of the new accounting rules, according to a survey soon to be

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