IFRS9 – Provision Services
Through model building or validation – we’ll set you on the path to compliance
Building and maintaining IFRS9 compliance is a complex undertaking.
Let Principa’s advisors support you with your ongoing IFRS9 compliance tasks.
With new complex regulations governing provision requirements through IFRS 9, businesses are challenged to adapt to and adopt the new rules.
The matter of provisions brings together the sometime detached risk and finance departments. Businesses need assistance in bringing together these two worlds.
Principa IFRS 9 Consulting and Compliance Services
Since 1 January 2018, organisations have had to adhere to the accounting provisions legislation International Finance Reporting Standard 9 (IFRS 9). This affects how expected credit loss is recognised on the balance sheet as opposed to incurred losses as per the previous legislation IAS39.
Principa are considered leaders in all matters IFRS9 having conducted scores of projects since 2016 ranging from end-to-end provision model builds and execution to audit support, provision mentorships and model reviews. These projects have run across banks, retailers and specialist lenders in South Africa and across the greater African continent. We are independent and have worked with a number of major audit firms so are familiar with the auditors’ requirements and nuance interpretations.
Today our offerings include:
1. Audit-support
We will provide support during your auditing process helping you with the various demands received from the audit firms that can be daunting. With projects involving a number of audit firms under our belts, we are familiar with the different interpretations and approaches. Let us help you.
2. IFRS9-mentorship
Do you have a new team of analysts that need help in getting up to speed with provisioning and the complexities of IFRS9?
Our analysts and consultants have helped a number of our clients through a mentorship programme become self-sufficient. We can train, coach, support, review and provide general support to your team ensuring that they develop the necessary skills to become self sufficient.
Our analysts and consultants have helped a number of our clients through a mentorship programme become self-sufficient. We can train, coach, support, review and provide general support to your team ensuring that they develop the necessary skills to become self sufficient.
3. Model Review
Do you already have an audited IFRS 9 implementation behind you?
A further independent review by our team can ensure that your solution would pass compliance checks across auditors and that it adequately represents business needs with the appropriate trade-off between business needs and conservative application of IFRS 9 principles.
A further independent review by our team can ensure that your solution would pass compliance checks across auditors and that it adequately represents business needs with the appropriate trade-off between business needs and conservative application of IFRS 9 principles.
4. End-to-End Implementation
Are you a new entrant into the local market? Do you need a comprehensive solution?
We can take over the entire process for you, covering all development principles and provision calculations, the supporting models, reporting and governance.
We can take over the entire process for you, covering all development principles and provision calculations, the supporting models, reporting and governance.
Benefits that Principa deliver
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Cost-savings that can be uncovered in the process,
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Knowledge-transfer of IFRS 9, risk provisions, and financial models,
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Closing of a temporary analytical capacity shortfall created by the IFRS 9 compliance analytical demands,
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Deployment of models in our proprietary decisions engine, DecisionSmart.
Let's get you on to a solid path to IFRS 9 compliance.
Contact us to discuss and schedule a preliminary assessment.