SGV holds executive briefing on the recently completed IFRS 9

SGV hosted an executive briefing on the recently completed IFRS 9, Financial Instruments. Over 70 senior executives from clients in the financial services industry attended the briefing.

The briefing’s primary goal was to prime financial services companies about the main changes introduced by the final version of IFRS 9, and the expected challenges for the standard’s upcoming implementation in 2018. In addition, the briefing aimed to get insights from executives on the newly-issued accounting standard.

MG 5 Leader Vicky Lee-Salas welcomed the participants and discussed how the changes may impact banks, insurance and asset management companies due to their heavy exposure to financial instruments. SGV Accounting Standards Group head Yen Abarca discussed the main changes in the classification and measurement of financial assets introduced by IFRS 9, while FSRM partner Francis Lumbres talked about the new expected credit loss impairment model. The briefing was followed by an open forum where questions were raised and brought about fruitful dialogue.