How organisations are preparing for IFRS 9 has moved on significantly since the IASB finalised the new rules over two years ago. Organisations are getting to grips with implementation, and many are now seeing value beyond the regulatory tick box.
About this resource
This report reveals the results from our 2016 IFRS 9 implementation research study and includes our expert opinion based on our experience of working with many of the UK’s leading lenders on IFRS 9 implementation and other regulatory requirements.
About the study:
We commissioned a study among Financial Services companies to better understand how ready firms are with implementing IFRS 9 requirements and what key challenges and opportunities organisations face.
The survey captures the views of 100 senior decision makers responsible for IFRS 9 within their organisation. Sectors interviewed included, UK banks, building societies and consumer, auto and SME finance companies.
We interviewed a range of different job functions to discover how each department views their progress towards compliance.
- Almost half of banks are in the implementation and testing phase, while building societies are lagging behind
- Just over a quarter of respondents intend to start parallel run during Q2 2017
- Over half of lenders state a lack of analytical expertise as their biggest challenge to building IFRS 9 compliant models
- Lenders are optimistic about the additional benefits IFRS 9 will bring
- Most UK lenders intend to develop an IFRS 9 solution that addresses other regulatory requirements at the same time