Published: 10 May 2018

NEW accounting rules introduced in January this year to force banks to estimate future credit losses are likely to have a significant impact on the country's financial institutions, accountants have noted.

The new rules, the International Financial Reporting Standards 9 (IFRS 9), issued by the London-based International Accounting Standard Board, to overhaul accounting procedures following the global financial crisis in 2008, replace the International Accounting Standard (IAS) 39, whose measurement resulted in credit losses being identified late.
- fingaz

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