CBN issues guidance note on IFRS 9 implementation

The Central Bank of Nigeria (CBN) has issued an initial guidance note to all financial institutions on the implementation of the International Financial Reporting Standards number 9 (IFRS 9).

The guidance note communicates supervisory expectations for the implementation of the new standard, especially in areas where banks are expected to exercise considerable judgment, or elect to use simplifications and other practical expedients permitted under the standard.

The note also specifies information to be submitted to the CBN not later than April 30, 2017 on IFRS 9 implementation projects.

It also requires banks to submit monthly status updates on the implementation projects starting from May 2017.

The CBN has also set up a project team where the banks are expected to seek clarifications with regards to the guidance notes.