To facilitate effective compliance with IFRS 9 and IFRS 16 first-time adoption and avoid any challenges in regard to timely reporting, Summit Consulting Ltd has developed an IFRS 9 and IFRS 16 Toolkit to facilitate swift compliance for your financial institution at only Ugx16m. The summitIFRS9 Toolkit comes with the following, six tools for ultimate sustainable compliance, at a low cost. It will free your finance and credit team time to focus on strategic issues like the cost to income management, Interest, and non-interest income growth and leveraging on technology. Offer valid up to September 10th 2019.
To make an appointment with the summitIFRS Team, email [email protected] or call Godfrey Ssenyonjo on +256775845691
#summitIFRS 9 Toolkit for your ultimate compliance
summitIFRS 9 Readiness Assessment to clarify expectations
|Current State Assessment as well as an examination of your financial institution’s readiness for IFRS 9 implementation and reporting for increased transparency, better portfolio segmentation for credit risk assessment and management.
Output: IFRS 9 readiness assessment report
summitIFRS 9 modeling
|After understanding your nature of the business, financial assets, preparation & presentation of financial statements, and credit risk profile, obtain the list of debtors (receivables) and payables (liabilities) and model IFRS tool (IFRS 9 model) to fit your business
Output: IFRS 9 model with impairment provisions in line with the criterion for the recognition of an item in the financial statements, preparation, and presentation of financial statements. We will make a presentation to the Top Management Team of the impact of IFRS 9
|We will conduct IFRS 9 briefing and training to your specified staff for one full day to empower them to meet the requirements of IFRS 9. We shall conduct a Board briefing if required.
Output: End of IFRS 9 training report with key next steps for IFRS 9 compliance at your financial institution
|We review the current Credit Policy and Finance manual and update them to take into consideration of the requirements of IFRS 9 specifically preparation and presentation of financial statements. This helps streamline business processes in accordance with best global financial practices and apply best practices in debt management.
Output: Updated Credit and Finance manuals that take into account of the requirements of IFRS 9 specifically for your financial institution
IFRS 9 implementation support
|Work with your Finance, Credit team to facilitate swift compliance to International financial reporting requirements. In case you wish to automate IFRS 9 compliance, we are able to work with your IT Team to facilitate the process.
This phase includes guiding every member of the user departments on the use of the tool together with the IFRS policy to ensure that the users have hands-on experience on the implications of IFRS and apply better practices in risk management.
The implementation support will also involve continuous gap analysis to refine the assumptions that are best suited for your financial institution.
#summitIFRS 16 Toolkit for your ultimate lease compliance
|Phases||Description||Value to you|
summitIFRS 16 Readiness Assessment to clarify whether contracts meet the lease criteria
|Review of all rental property contracts and existing lease agreements, if any so as to effectively classify your bank leases for appropriate accounting treatment
|Clear understanding of your bank leases for classification, and measurement|
summitIFRS 16 modelling
|IFRS 16 modelling and application to your Financial Institution; including measurement and disclosures summary
|IFRS 16 model with clear impact on your profit & equity as at 31st December, 2018|
|We will conduct IFRS 16 briefing and training to your specified staff to empower them to meet the requirements of IFRS 16.||Empower your team, and reduce on-going compliance costs|
|Update your accounting and finance policy in respect to IFRS 16 compliance||IFRS 16 lease accounting aligned to your finance policy|
IFRS 16 Tool branding
|Make an easy to use IFRS 16 Ms Excel model for right to use and lease liability modelling based on your business model. This will facilitate swift IFRS 16 reporting and compliance||Facilitate on-going reporting requirements by the regulators; Bank of Uganda and Uganda Microfinance Regulatory Authority|
|Board and top management briefing on impact of IFRS 16 on your Microfinance institution– after analysis of the results.||Get buy in for budget approvals from the Board in relation to compliance needs for your institution|
IFRS 16 on going compliance support
|You have an option to retain Summit Consulting for the first-year effective contract signing date to deal with any regulator requests and reporting requirements||Train your finance team on the job by seeing how we respond to any regulator issues|
Download the IFRS 9 Toolkit here >>> [email protected] (95 downloads)
Call our IFRS Manager Godfrey Ssenyonjo on +256 775845691 to book a briefing to your team or email [email protected]