Regardless of your business, do you have financial instruments in your transactions?
Do you know how to recognize and measure the Financial Instruments in your transactions?
For Financial Institutions, The Central Bank of Uganda issued an instruction circular EDS.306.2 in respect to IFRS 9 compliance. All supervised financial institutions are obliged to comply with the laid-out requirements of the new reporting standard the IFRS 9: Financial Instruments putting in mind that it became effective on 1st January 2018.
You need to answer questions like:
- What is IFRS 9 about?
- How do we move from the way we have been reporting under IAS 39 to reporting under IFRS 9?
As the Chief Executive Officer (C.E.O) of your financial institution don’t sit and relax on just knowing that there is need to comply with the regulatory requirements or even sit in wander about of how to embark on IFRS9 implementation. You cannot afford the cost of knowing that your company or institution is lagging way too behind schedule as per BOU requirements in the financial industry. Compliance is a strategic risk. That is why IFRS 9 compliance is #1 priority for chief executives as it could make or break your institution.
And indeed, one of the requirements is to have the board trained in IFRS 9. If you have not yet done so, contact us today for the board briefing on IFRS 9 and the impact of the standard on your reported profits and equity. You need to know whether compliance with the standard will affect your core capital in which case you must mobilize more funds!
The fact is being late costs much. It is expensive.
Summit Consulting Ltd has made IFRS9 implementation an easy process.
We not only empower you and your team with the must know of IFRS9 but also make your journey light in implementing the standard. We fast track your conversion from IAS 39 and make the process swift until you gain confidence with the new standard.
We have worked with clients like Housing Finance Bank, Brac Bank Uganda, Mercantile Credit Bank, Top Finance Bank, MSC Uganda, aBi Finance, among others in the IFRS 9 compliance journey.
The Central Bank requires that the auditors review the model for validation. In the process, our model has been audited thoroughly by big four firms and have accepted that it indeed is a great one to use by our clients! When you work with us you get dual benefits – an external consultant to give you a model that speaks to your business and an external audit firm to validate it.
You don’t have to settle for 2nd runner up neither for 1st runner up in this fast moving financial industry in regard to IFRS9 implementation.
Click here for sneak peek into our model for your guidance to improve yours.