Implementing IFRS 7 and Basel II - Pillar 3 in credit institutions

Mazars Insight IFRS 7 - 2008

Credit institutions faced significant changes both in their consolidated financial statements and in their regulatory reports.

First, IFR7 7, Financial instruments: disclosures came into force in 2007. It required new disclosures in notes, such as information on risk management (qualitative and quantitative), the fair value of financial instruments and management systems.

Second, Basel II Pillar 1 (establishment of regulatory capital ratios) required credit institutions to present a new ratio to the Banking Commission since 2008. Furthermore, regulatory bodies requested for the submission of reports under COREP (presentation of ratio) and FINREP (presentation of financial statements).

The objective of this brochure is to present the new requirements set forth by IFRS 7 and Basel II. It also discusses the practical issues for credit institutions relating to the implementation of both texts, such as the impact on information systems and the challenge to comply with two sets of reports.

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