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"Based on KPMG implementation experience on IFRS 9, commonly observed business impacts include: high volatility in credit cost, higher credit cost in retail books, and post-model overlay on ECL impairment due to COVID-19."

The International Financial Reporting Standards (IFRS) Roadmap in Vietnam was officially announced in Decision No.345/QD-BTC in March by the Ministry of Finance. Against the mandate by the ministry and economic distress caused by COVID-19, KPMG now views the application of IFRS to be more challenging than anticipated as banks in Vietnam plan forward to embrace IFRS 9.

Read the full article on Vietnam Invesmtment Review:

Rocky Lim

Director, Risk Consulting
KPMG in Vietnam

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