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June 24, 2018

CBJ issued instructions for implementing IFRS 9 in Jordan. CBJ explained in its instructions that proper implementation of the new standard requires coordination and integration between different units of work in banks, especially units responsible for credit and risk management, financial, and information systems. The Central Bank also stressed the need to adhere to the best practices of corporate governance through the Council Management by directly supervising the application process to achieve the desired results from the new standard.

It is worth mentioning that the Central Bank, in line with its keenness to keep abreast of international best practices, has started preparing early for the implementation of IFRS 9. A circular was issued to banks for clarifying the general framework of the requirements of the new standard in May 2016. Banks were requested to provide the Central Bank with its own procedures. This was followed by issuance of the first version of the applied instructions in November 2017 and the second version of the instructions on January 25, 2018, in addition to meetings with the executive departments of the banks and the presence of the auditors. The Central Bank's objective of these steps was to identify the challenges facing Jordanian banks in applying IFRS 9. The Central Bank is keen to continue its leadership of the Jordanian banking sector and to maintain the status of the banking sector as one of the most important pillars of the national economy. The application of IFRS 9, which was issued by IASB, became effective as of January 01, 2018.

 

Related Link (in Arabic): Notification

Keywords: Middle East and Africa, Jordan, Banking, Accounting, IFRS 9, Implementation, CBJ

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