FSO conducts BCM COVID-19 webinar

The SGV Financial Services Organization Banking and Capital Markets (FSO BCM) sector conducted a webinar titled “Impact of COVID-19 on significant PFRS requirements” on 15 May. The session provided relevant and helpful insights on the impact of the COVID-19 outbreak on significant PFRS 9 – Financial Instruments requirements. Financial Services Consulting and Government and Public Sector Partner Christian G. Lauron (CGL) moderated the session. Speakers included FSO Senior Director Redgienald Radam, FSO Senior Director Deofel Gil Usuquen and CGL. Nearly 300 finance, risk management, internal audit and compliance professionals from different financial institutions attended the webinar .

Speakers at the FSO BCM webinar

Speakers discussed the application of expected credit loss (ECL) requirements that incorporate the effects of the pandemic and the various government relief programs in the measurement of ECL, accounting for forbearance and debt modifications and related disclosure requirements on ECL. The session also covered recently issued BSP guidelines on the reclassification of financial assets under PFRS 9. The speakers also discussed fair value measurement in volatile and uncertain markets. The webinar is the first in a series conducted by SGV FSO. The succeeding webinars will cover related topics on insurance, health and pension, wealth and asset management, and the banking and capital markets sectors. Those interested in attending may contact Redgienald Radam at Redgienald.G.Radam@ph.ey.com or Mary Catherine Biliran at Mary.Catherine.M.Biliran@ph.ey.com.