Countdown to Compliance - Preparing for IFRS 9

January 2018 marks the start of a new era of financial reporting. And, many banks eye the date with apprehension as they prepare to make the leap from International Accounting Standards (IAS) 39 to International Financial Report Standards (IFRS) 9.

There's no time for delay or false starts, yet firms have a full agenda ahead. They need to adopt forward-looking models for expected credit loss (ECL), introduce new controls, reclassify financial assets, rethink hedge accounting strategies, and be prepared to provide greater documentation on their financial and risk models and how they're applied. And, that's just the start.

Proven strategies and best practices are critical to achieving compliance – in both the short and long term. Technology also plays a critical role as firms seek greater visibility and insight, the ability to effectively manage more granular data, and expanded governance capabilities – all while driving down the cost of reporting and compliance.

Knowledge is the first step to a successful journey. Oracle and PwC have teamed to create a comprehensive library of IFRS 9 resources. They also offer financial services organizations – at every level of preparedness for the January 2018 deadline – the strategic insight and complete solutions required to prepare for the road ahead to achieve IFRS 9 compliance.

Countdown to Compliance
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Press Release:

Chartis Research has named Oracle the top category leader in IFRS 9 solutions . Oracle’s leadership position within the Chartis Research report further affirms its best-in-class offerings for all financial services entities looking to conform to IFRS 9 standards before the January 1, 2018 deadline. More

Report:

With IFRS 9 set to fundamentally change banks' accounting and regulatory compliance practices, it's critical to fully understand what's ahead. The Risk.net/Chartis Market Report IFRS 9 presents actionable strategies and best practices for achieving compliance – including insight on aligning risk and finance, accommodating more granular data requirements, and ensuring more precise models. More

Press Release:

Oracle Financial Services Global Business Unit (FSGBU) and PwC announced a global collaboration to offer premium technology solutions – including OFSAA Loan Loss Forecasting and Provisioning (LLFP) software – as well as implementation and consulting services to help financial institutions meet near-term and ongoing IFRS 9 compliance goals. More

White Paper:

IFRS 9 will literally invert financial reporting for financial institutions – with a move from counter-cyclical provision calculation to a pro-cyclical approach. This leap will have an immediate impact on a bank's balance sheet and earnings. And, it drives the need for more precise, forward-looking ECL modeling and analysis. Download this white paper to learn about strategies and technologies to balance IFRS 9 credit provisioning while maximizing profitability. More

e-Brief:

Many financial services firms have a huge lift ahead to achieve IFRS 9 compliance in January 2018. How does your institution compare with your competitors? Discover best practices from IFRS 9 implementations and learn how to measure your progress and plans against your peers. More

Video:

Financial institutions must move rapidly and decisively in their quest to ensure IFRS 9 compliance. There's simply no runway for costly missteps. Rohit Verma, Senior Product Specialist, Oracle, sits down with Risk.net's Joel Clark to discuss the importance of a flexible and forward-thinking approach to managing granular data when pursuing IFRS 9 compliance. More

Report:

Chartis and FinTech experts weigh in on Oracle Financial Services Analytical Applications (OFSAA) and how they stand up to the stringent demands of IFRS 9. The report highlights Oracle's architecture and data flow processes that expedite data validation across finance, data, risk, and treasury; enable reporting transparency; and cut regulatory costs. More

Video:

Preparing to achieve IFRS 9 compliance can seem daunting. In PwC's Inform videos series, experts walk you through topics such as IFRS 9 special impairment rules, explaining the nuances of how IFRS 9 will revolutionize financial institution accounting practices. More

Blog:

As financial institutions prepare to ensure IFRS 9 compliance, it is critical to stay informed with the latest information. PwC's IFRS blog offers regularly updated content covering the latest in IFRS news. More

Website:

To succeed, financial institutions need to have access to a vast wealth of accounting and auditing resources. PwC's Inform research database includes the full text of the international accounting and auditing standards, IFRS Interpretations Committee (IFRS IC) interpretations, and more. Find the resources you need to guarantee IFRS 9 compliance. More

White Paper:

A multi-state Markov model can help to streamline IFRS 9 impairment calculation. Learn more about how this model, when used with Oracle's IFRS 9 solution, can reduce implementation timelines and speed compliance. More

More Resources

Let the Experts Help

Oracle Financial Services Analytical Applications (OFSAA) and PwC's global partnership offers financial services clients the full insight they need to comply – or with a plan to take initial steps toward compliance – with new IFRS 9 accounting standards by 2018.

Industry-leading OFSAA solutions coupled with PwC's expertise in implementing best-practice business processes for financial services organizations provides a complete IFRS 9 solution to meet financial institutions' unique compliance needs.