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IFRS 9 banking regulation is now in Asia    

To comply with their regulatory obligations, banks across the globe are seeing their current business models come under immense pressure and IFRS 9, a relatively new accounting standard with important implications on the banking sector, is one of the most pressing obligations.

International Financial Reporting Standard 9, or IFRS 9, a new banking regulation, was implemented in Europe in 2018 and has now gone live in nations across Asia. With increased regulations, banks’ current business models are coming under immense pressure.

The implementation of IFRS 9 in the Asian banking sector has focused on “day one” compliance, which means having a tactical solution to meeting the regulation’s start date. Instead of implementing a “switch on” approach, banks need to have a strategic lens when it comes to their existing business models and current capital sufficiency.

In a new perspective, IFRS 9 in Asia: Creating a future-ready, optimized bank, Deloitte looks at the changes that IFRS 9 has had on the Asian financial sector and examines bank preparedness while exploring lessons learned in Europe. We also share how best to approach these regulatory frameworks with a strategic lens in order to capitalize on business opportunities.

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