There have been several Instruction Circulars issued by the Central Bank in respect to IFRS 9 compliance reporting. To fulfill these requirements, calls for a lot of effort and time on the finance and credit team at the bank. However, this might mean that finance and credit functions could suffer with adverse impact on business growth, financial analysis and profitability.
A case in point:
On March 20th 2018, Bank of Uganda issued an Instruction Circular, EDS.306.2, to All Chief Executives of Commercial Banks, Credit Institutions and Microfinance Deposit-Taking Institutions or SFIs. The Circular, requires SFIs among other things, to:
- To submit to Bank of Uganda financial statements prepared in accordance with IFRS 9 for the quarters ending March, June and September 2018.
- And for the March 2018 financial statements, to include disclosures relating to IFRS9 implementation.
How do you ensure ongoing swift and timely compliance with BoU reporting? Call Summit Consulting Ltd to ease your IFRS 9 compliance as your team focuses on their core roles as well as make BoU smile.
Summit Consulting Ltd is available to provide support and on-going help to your team to enable effective on going compliance even after the training until your in-house staff are very comfortable in meeting all the requirements of IFRS9 financial instruments.