A few days ago, the Egyptian Banking Institute (EBI) organised a seminar on the accounting standard IFRS 9, with a view to introduce the International Financial Reporting Standards (IFRS) and highlighting the associated challenges.
Abdul Aziz Naseer, executive director of the institute, said that the organisation of this seminar comes within the framework of the institute’s keenness to follow up on the global developments of the banking arena and transfer them to employees in the banking sector.
For her part, Ola Al-Khawaja, director of the institute’s research and awareness department, stressed the importance of international accounting standards in response to lessons learned from the global financial crisis.
She explained that this new standard requires banks to make provisions on the basis of expectations of losses or default in the collection of certain assets, not on the basis of losses, which is the current case.
