IFRS 9 for banks set to be the way forward

IFRS in Vietnam


IFRS9 

"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.

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Rocky Lim

Director, Risk Consulting
KPMG in Vietnam



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