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

Related Articles
News

US Agencies Consult on Capital Treatment of Land Development Loans

US Agencies (FDIC, FED, and OCC) issued a proposed rule on the treatment of loans that finance the development of land for purposes of the one- to four-family residential properties exclusion in the definition of high volatility commercial real estate (HVCRE) exposure in the regulatory capital rule.

July 12, 2019 WebPage Regulatory News
News

EBA Single Rulebook Q&A: Second Update for July 2019

Under the Single Rulebook question and answer (Q&A) updates for this week, EBA published answers to five questions related to supervisory reporting.

July 12, 2019 WebPage Regulatory News
News

ESMA Updates Manual for European Single Electronic Format in EU

ESMA updated the reporting manual for European Single Electronic Format (ESEF).

July 12, 2019 WebPage Regulatory News
News

FED Updates Supplemental Instructions for Reporting Form FR Y-9C

FED updated the supplemental instructions for FR Y-9C reporting.

July 12, 2019 WebPage Regulatory News
News

EBA Publishes Report on Monitoring Implementation of LCR in EU

EBA published its first report on the monitoring of the implementation of liquidity coverage ratio (LCR) in EU.

July 12, 2019 WebPage Regulatory News
News

EIOPA Consults on Reporting and Disclosures Under Solvency II Review

EIOPA launched a consultation package on supervisory reporting and public disclosure in the context of its work linked with the 2020 Solvency II review.

July 12, 2019 WebPage Regulatory News
News

APRA Applies Additional Capital Requirements to Three Australian Banks

APRA is applying additional capital requirements to three major banks in Australia to reflect higher operational risk identified in their risk governance self-assessments.

July 11, 2019 WebPage Regulatory News
News

IMF Report on 2019 Article IV Consultation on Euro Area Policies

IMF published its staff report in context of the 2019 Article IV consultation on euro area policies with member countries.

July 11, 2019 WebPage Regulatory News
News

FSB to Survey Practices on Cyber Incident Response and Recovery

FSB launched a survey on the industry practices on cyber incident response and recovery.

July 11, 2019 WebPage Regulatory News
News

ECB Appoints New Members of Supervisory Board

The Governing Council of ECB appointed Edouard Fernandez-Bollo, Kerstin af Jochnick, and Elizabeth McCaul as representatives to the Supervisory Board of ECB Banking Supervision, for a five-year non-renewable term.

July 11, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3441