Month: September 2024

The introduction of the International Financial Reporting Standard 9 (IFRS 9) marked a significant shift in the financial reporting landscape for all financial institutions, including Microfinance Institutions (MFIs) and Microfinance Banks (MFBs). IFRS 9, which focuses on the classification, measurement, and impairment of financial instruments, aims to enhance transparency and accuracy in financial reporting. However, […]

In a landmark development for the microfinance sector, FineIT Pvt Limited has entered into a strategic partnership with the Pakistan Microfinance Network (PMN) and its subsidiary, Munsalik, to deliver an advanced IFRS 9 compliance solution specifically tailored to the needs of microfinance institutions across Pakistan. This collaboration is a significant step forward in strengthening the […]

IFRS 9, Financial Instruments, represents a significant shift in accounting for financial instruments, impacting organizations across various industries. Effective from January 1, 2018, IFRS 9 replaces IAS 39 and introduces a new approach to the classification, measurement, impairment, and hedge accounting of financial assets and liabilities. This article aims to address the most common queries […]

To expand on the topic of Significant Increase in Credit Risk (SICR) and its implications under IFRS 9, I will provide a more detailed analysis that builds on the existing article, emphasizing both the quantitative and qualitative indicators, the importance of continuous monitoring, and practical challenges in real-world applications. Expanded Analysis on SICR and Transition […]

Nepal’s financial sector has taken a significant leap forward by adopting International Financial Reporting Standard 9 (IFRS 9), a move that aligns the country with global accounting standards and enhances its economic credibility. This adoption is a crucial step towards promoting transparency, stability, and growth in Nepal’s economy. Benefits of IFRS9 Adoption in Nepal Challenges […]

The State Bank of Pakistan (SBP) has a history of announcing deadlines for the implementation of International Financial Reporting Standard (IFRS) 9, only to extend them later. This ongoing process has been a subject of discussion and debate within the Pakistani financial sector. A Timeline of Deadlines The Importance of IFRS 9 Implementation IFRS 9 […]