SGV hosts executive forum on IFRS 9 updates

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SGV recently hosted an executive forum on the Recent Developments and Challenges in Expected Credit Loss Provisioning under IFRS 9 at the WSDC training rooms. The primary goal of the forum was to update banks about the exposure draft (ED) released by the International Accounting Standards Board. In addition, the forum was also intended to gather feedback from bank executives on the ED.

Over 70 chief financial officers, chief risk officers and chief credit officers from different banks attended the executive forum, which was spearheaded by SGV Financial Services Risk Management (FSRM) partner Francis Lumbres, who was also the key speaker.

SGV Chairman and Managing Partner Vic Noel welcomed the participants and gave an overview about the challenges in adopting the provisions of the ED. He also briefly mentioned the opportunities for further enhancing and synchronizing the bank’s financial reporting and credit risk management practices.

Francis discussed in further detail the impact and implementing challenges of the ED in the business operations of the banks. After the talk, FSRM partner Ian Lauron gave a synthesis of the event’s discussion.

The talk was followed by an open forum where fruitful exchanges and questions were raised. MG5 leader Vicky Lee Salas gave the closing remarks, assuring clients of SGV’s commitment to helping them stay abreast of future developments in accounting standards.