Featured Product

    CBJ Issues Instructions for Implementing IFRS 9 in Jordan

    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

    Featured Experts
    Related Articles
    News

    SEC Adopts Rules and Amendments Under Regulatory Regime for Swaps

    SEC announced that it took a significant step toward establishing the regulatory regime for security-based swap dealers (SBSDs) by adopting a package of rules and rule amendments under Title VII of the Dodd-Frank Act.

    September 19, 2019 WebPage Regulatory News
    News

    APRA Revises Standard on Margin Rules for Uncleared Derivatives

    APRA revised CPS 226, which is the prudential standard on margin and risk mitigation requirements for non-centrally cleared derivatives.

    September 19, 2019 WebPage Regulatory News
    News

    BIS Formalizes Agreement to Set Up Innovation Hub in Hong Kong SAR

    BIS and HKMA signed the Operational Agreement on the BIS Innovation Hub Center in Hong Kong Special Administrative Region (SAR).

    September 18, 2019 WebPage Regulatory News
    News

    PRA Proposal on Probability of Default and LGD Estimation

    PRA proposed, via the consultation paper CP21/19, an approach to implementing EBA’s recent regulatory products relating to Probability of Default (PD) estimation, Loss Given Default (LGD) estimation, and the treatment of defaulted exposures in the internal ratings-based (IRB) approach to credit risk.

    September 18, 2019 WebPage Regulatory News
    News

    PRA Issues Consultation on Prudent Person Principle Under Solvency II

    PRA, via the consultation paper CP22/19, has set out its proposed expectations for investment by firms, in accordance with the Prudent Person Principle (PPP).

    September 18, 2019 WebPage Regulatory News
    News

    CFTC Extends Comment Period for Proposals on Cross-Border Clearing

    CFTC announced that it is extending, until November 18, 2019, the comment period for the proposal for an alternative compliance framework for derivatives clearing organizations (DCOs) that are organized outside of U.S. and that do not pose substantial risk to the U.S. financial system.

    September 18, 2019 WebPage Regulatory News
    News

    BNM Publishes Financial Stability Review for the First Half of 2019

    BNM published Financial Stability Review for the first half of 2019.

    September 18, 2019 WebPage Regulatory News
    News

    APRA Observations from Thematic Review on Recovery Plans of Insurers

    APRA issued a letter to general insurers and life insurers, outlining observations from a recent thematic review on recovery planning by insurers.

    September 18, 2019 WebPage Regulatory News
    News

    FASB Issues Summary of Tentative Board Decisions at September Meeting

    FASB published a summary of the tentative decisions taken at its Board meeting in September 2019.

    September 18, 2019 WebPage Regulatory News
    News

    EIOPA Forms Consultative Expert Group on Digital Ethics in Insurance

    EIOPA established the Consultative Expert Group on Digital Ethics in Insurance to assist EIOPA in the development of digital responsibility principles in insurance.

    September 17, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3848