IFRS 9: Accounting and risk must align for success | Bloomberg Professional Services

IFRS 9: Accounting and risk must align for success | Bloomberg Professional Services:

The International Financial Reporting Standard 9, or IFRS 9, represents more than just an iteration of the standard accounting guidelines for evaluating the treatment of financial investments. The new rules evolve financial accounting from a function that merely looks at the present. It means accounting professionals will also have to project the future.

Introduced by the International Accounting Standards Board (IASB) in 2014, IFRS 9 is a response to the financial crisis. When IFRS 9 takes effect on January 1, 2018, it will apply to practically all public companies with international operations and affect not only financial reporting, but also treasury, credit risk management and capital planning functions. It represents one of the most seismic shifts in the history of accounting because of its broad reach and technical requirements. Instead of reporting default losses only when incurred, accountants will now be required to take a forward-looking approach and work with risk professionals to build detailed risk models.more

Crowe Horwath Jamaica (www.crowehorwath.com.jm) is one of the largest public accounting, consulting, and advisory firms in Jamaica . Crowe uses its deep industry expertise to provide audit services to public and private entities while also helping clients reach their goals with tax, advisory, risk and performance services. Crowe Horwath Jamaica serves clients worldwide as an independent member of Crowe Horwath International, one of the largest global accounting networks in the world. The network consists of more than 200 independent accounting and advisory services firms in more than 130 countries around the world.


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