Following the COVID-19 pandemic and its effects on financial institutions, for which your Bank makes no exception, there is an urgent need for IFRS9 re-assessment to facilitate effective implementation of the standard in light of the pandemic and address any issues raised by the auditors, and ultimately comply with Bank of Uganda (BoU) requirements.
On 30th June 2020, the Central Bank of Uganda issued an Instruction Circular ‘EDS.306.2’ to Supervised Financial Institutions (SFIs). As part of the BoU regulatory requirements, your Bank must update the existing IFRS9 model to meet the Significant Increase in Credit Risk (SICR) assessment, prudent measurement of Expected Credit Losses, and the Governance committee responsible for managing the COVID-19 effect on the bank’s performance.
To this end, Summit Consulting Ltd wishes to propose an IFRS9 model update and in-house practical IFRS9 modelling training to your staff to help you in meeting all the requirements of the regulator and avoid any challenges in compliance. You will save money and time. To contact us, call Godfrey Ssenyonjo at +256775845691, 0414231136, or email ifrs9@summitcl.com. Visit The Downloads Page to download the Banking sector analysis report 2020.
