NewsExpress banner First Bank Fashion Souk Fidelity bank card banner Umm Sulaim's Thoughts Camano banner

CBN issues Guidance Note to banks on International Financial Reporting Standards 9 implementation

By Newsexpress on 24/12/2016

Gmail icon

Views: 1,648


The Central Bank of Nigeria (CBN) has issued an initial guidance note to all financial institutions on the implementation of the International Financial Reporting Standards number 9 (IFRS 9).

The guidance note communicates supervisory expectations for the implementation of the new standard, especially in areas where banks are expected to exercise considerable judgment, or elect to use simplifications and other practical expedients permitted under the standard.

The note also specifies information to be submitted to the CBN not later than April 30, 2017 on IFRS 9 implementation projects.

It also requires banks to submit monthly status updates on the implementation projects starting from May 2017.

The CBN has also set up a project team where the banks are expected to seek clarifications with regards to the guidance notes. (Channels TV)

•CBN Headquarters.

Source Newsexpress

Posted 24/12/2016 02:21:37 AM





You may also like...
Biafra: SERG kicks against labelling IPOB terror group,...

PSN marks World Pharmacists Day, tasks members to...

I’m disillusioned with 20 years of democracy —...

Ramaphosa rules out privatisation of state-owned ailing SA...

Gunmen kill policeman accompanying election results in Ogun...

El-Rufai charges incarcerated Sheikh Zakzaky and wife to...

BREAKING NEWS: CBN revokes Skye Bank’s licence

Wike dedicates certificate of return to Rivers people,...

Man murders business associate over monetary misunderstanding

My request to inspect INEC server not rejected,...

Rights group drags Ogun Commissioner, Permanent Secretary, Ministry...

Pope announces plans for worldwide day of prayer...


Latest News BREAKING: Explosion rocks Ebonyi school DSS bows to court; releases Sowore, Bakare ISWAP terrorists abduct 14, including two Red Cross workers Two Nigerian varsity students deported to Bosnia Don’t handcuff me in public, Orji Kalu begs prison warders Rape victim set on fire on way to court hearing How police officer murdered my son: Ex-Senator Titi Ajanaku’s death shocking - Obasanjo 2,000 repentant bandits surrender weapons to Zamfara Govt Eight dead, including children, in gas explosion Pirates kidnap 19 crew members from Greek tanker off Nigeria Kano Assembly defies court, passes new Emirates Bill


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (568,838 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (455,193 views) Shameless Genevieve Nnaji exposes breasts in public (404,967 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (339,669 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (306,539 views) 10 cars more expensive than Jets (290,077 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (260,591 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (259,368 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (240,818 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (227,317 views) Lagos plane crash: Journalist releases victims’ names (203,229 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (199,720 views)


CBN milk production

CBN banner advert

UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (111) Business & Economy (4,610) Business Verdict (89) Columnists (1,154) Complaints & Requests (97) Enterprise & Opportunities (219) Entertainment (715) Features (851) Global Business Monitor (497) ICT Monitor (71) International (4,299) Interview (216) Live Commentary (30) Love Matters (177) Maggie's Blog (505) News (54,862) Opinion (1,434) Pidgin (18) Politics (11,845) Religion (1,129) Sports (2,243) Stock Watch (40) AMA & Al Jazeera Global Update







APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera