BANKS ACT: PRUDENTIAL AUTHORITY CALLS FOR INPUT ON DRAFT DIRECTIVE

BANKS ACT: PRUDENTIAL AUTHORITY CALLS FOR INPUT ON DRAFT DIRECTIVE

• 10 February 2023
• Financial Sector
• SA Legal Academy

The Prudential Authority has called for input by 24 February 2023 on a draft directive that, once finalised and in force, will finetune the prevailing approach to ‘the regulatory treatment of accounting provisions’.

The intention is to direct banks and their auditors to classify impairments ‘as either general or specific’ under International Financial Reporting Standard (IFRS) 9: Financial Instruments. To be applicable ‘post the conclusion of the transition period’, it will replace the Prudential Authority’s Directive 5, which was issued in November 2017.

• draft directive
• IFRS 9
• Prudential Authority Directive 5, 2017

Published by SA Legal Academy Policy Watch

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