Featured Product

    QCB Issues Implementation Guidelines for IFRS 9

    February 09, 2017

    QCB issued IFRS 9 implementation guidelines in connection with Classification and Measurement of Financial Assets and Liabilities and Derivatives. The guidelines also specify the requirements of the transitional phase that precedes application. IFRS 9, which replaces IAS 39, becomes applicable from January 01, 2018.

    The instructions of QCB obligate all conventional banks to prepare their financial statements in accordance with IFRS and any new amendments and issues thereon. The Islamic banks are also obligated to adopt the same standards where the guidelines of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) are not available. The financial statements and results of operations of banks will be significantly affected once the new IFRS 9 becomes effective. Banks shall comply with IFRS 9 transitioning rules and their impact on the disclosures of the banks' financial statements as at December 31, 2017.

    The guidelines aim to develop a regulatory framework to assist QCB in its supervision and monitoring activities of the banks’ compliance with the application of IFRS 9 and adequacy of managing the risks of their financial assets. It also aims to limit the major differences and variances that could result from the banks' use of judgments and estimates during the interpretation of how IFRS 9 is applied. The guidelines impose a standard template for reporting the results of application to QCB to enhance its ability to read, compare, and analyze these results and to assess the risks of the banks' financial assets through successive periods of time at the level of each bank and the consolidated level of the banking system.

     

    Related Link: IFRS 9 Guidelines (PDF)

    Effective Date: January 01, 2018

    Keywords: Middle East and Africa, Qatar, Banking, Accounting, IFRS 9, IAS 39, Reporting, QCB

     


    Featured Experts
    Related Articles
    News

    OCC Revises Minimum Threshold for Banks to Conduct Stress Tests

    OCC issued the final rule that amends its company-run stress testing requirements under the 12 CFR 46 in Code of Federal Regulations.

    October 10, 2019 WebPage Regulatory News
    News

    US Agencies Update Management Interlock Rules Under DIMIA

    US Agencies (FDIC, FED, and OCC) issued a final rule that increases the thresholds in the major assets prohibition for management interlocks for purposes of the Depository Institution Management Interlocks Act (DIMIA).

    October 10, 2019 WebPage Regulatory News
    News

    US Agencies Finalize Rules to Closely Match Bank Risk Profiles

    US Agencies (OCC, FED, and FDIC) finalized rules that tailor the regulations for domestic and foreign banks to more closely match their risk profiles.

    October 10, 2019 WebPage Regulatory News
    News

    CPMI-IOSCO and FSB on Governance Arrangements for OTC Derivatives

    CPMI and IOSCO published a report that identifies key criteria, functions, and bodies for the governance arrangements.

    October 09, 2019 WebPage Regulatory News
    News

    EIOPA Launches Field Test on Templates Under 2020 Solvency II Review

    EIOPA, as part of the 2020 Solvency II reporting and disclosure review, launched a field test on the revised and newly proposed reporting templates.

    October 09, 2019 WebPage Regulatory News
    News

    US Agencies Adopt Rule on Appraisals for Real Estate Transactions

    US Agencies (FDIC, FED, and OCC) adopted the final rule to amend regulations requiring appraisals of real estate for certain transactions

    October 08, 2019 WebPage Regulatory News
    News

    US Agencies Finalize Amendments to Simplify Volcker Rule

    US Agencies (CFTC, FDIC, FED, OCC, and SEC) finalized amendments to the regulations implementing section 13 of the Bank Holding Company Act, also known as the Volcker Rule.

    October 08, 2019 WebPage Regulatory News
    News

    EC Report Explores Application and Challenges of Blockchain Technology

    The Joint Research Center of EC published a report exploring the challenges and impact of distributed ledger technologies.

    October 08, 2019 WebPage Regulatory News
    News

    BIS and SNB Sign Agreement on Innovation Hub Center in Switzerland

    BIS and SNB signed an operational agreement on the BIS Innovation Hub Center in Switzerland.

    October 08, 2019 WebPage Regulatory News
    News

    ECB Issues Results of Sensitivity Analysis of Liquidity Risk for Banks

    ECB published results of 2019 stress test on sensitivity analysis of liquidity risk.

    October 07, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3958