Get set on the path to IFRS 9 compliance through model building or validation
We provide support for all your ongoing compliance tasks
The International Finance Reporting Standard 9 (IFRS 9) requires the recognition of credit loss allowances on initial recognition of financial assets. Under the previous Standard (IAS 39), impairment is only recognised at a later stage when a credit loss event has in fact occurred.
Principa is considered a market leader in matters relating to IFRS 9 and have successfully completed numerous projects since 2016, providing solutions ranging from end-to-end provision model building and execution, to audit support, mentorships and model reviews.
IFRS 9 modelling
Our IFRS 9 modelling services include the provision of new models and amendmening existing models.
We support our customers during the audit process, assisting them in addressing the demands placed on them by audit firms. Having participated in several projects that require engagement with a number of different audit firms, we are very familiar with the different IFRS 9-related interpretations and approaches.
IFRS 9 mentorship
Through our mentorship programme offering, Principa analysts and consultants have navigated many customers through IFRS 9 and its complexities. We train, coach, mentor, review and support our customers, ensuring they develop the necessary skills to become self-sufficient and efficient.
Provisioning model review
Where a customer’s IFRS 9 implementation has already been audited, we offer an additional independent review to ensure that:
- the solution will pass compliance checks across auditors
- it adequately represents business needs, providing for the appropriate trade-off between business needs and the conservative application of IFRS 9 principles.
For customers that are new entrants to the local market or a business that requires a comprehensive IFRS 9 solution, we provide the complete end-to-end solution. Our team will manage the entire process, covering all development principles and provision calculations, the supporting models, reporting and governance requirements.