Adoption of IFRS Standards, Finance and Accounting Divisions

Our client, a Canadian bank, used 4 resources of Business Project over a ten-month period for transversal support on the adoption of the new IFRS 9 standard. The project was successful due to the BP resources’ knowledge on the risk and finance functions, and the importance of collaboration between them for adoption of IFRS 9.

The BP resources were asked to:

Produce a project plan that covered all activities related to Risk, Finance and IT departments, and manage delivery until completion

Create a global documentation for Bank auditing bodies which detailed all positions and simplifications taken by the Bank regarding IFRS 9

Analyze the accounting standard and benchmark industry best practices to support technical decisions related to ECL calculations and accounting disclosures

Develop an internal tool to facilitate the calculation of portfolio ECL’s to be used by the reporting team

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