Close to two years after IFRS 9 was adopted into Hong Kong accounting standards (HKFRS 9), there are significant variations in reporting practices among banks locally incorporated in Hong Kong, according to a new study from Mazars.
The HKFRS 9 standard on financial instruments has been applicable in Hong Kong since 1 January 2018, fundamentally changing the way financial instruments are classified and impairment losses are recognised. It also introduced significant changes to financial disclosures.
The new HKFRS 9 Benchmark Study from Mazars highlights impacts and trends that arose from the application of HKFRS 9. It found that 6 of the 22 banks reported a higher net asset value after HKFRS 9 implementation.
The full article is available here.
To read our Hong Kong Banks’ HKFRS 9 Benchmark Study, please see the PDF attached below.
Credits: By Manesh Samtani for Regulation Asia, 26th November 2019