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Fifth Global IFRS Banking Survey — Finding your way

Published on: Sep 03, 2015

Deloitte has issued its Fifth Global IFRS Banking Survey — Finding your way. The report captures the current views of 59 major banking groups — including 12 of the 18 global systemically important financial institutions — on recent accounting and regulatory changes. With IFRS 9 published and the FASB's current expected credit loss (CECL) project expected to come to a conclusion soon, this study focuses on how banks are approaching the implementation of the anticipated IFRS 9/FASB CECL model requirements in their organizations. It summarizes key findings such as:

  • Total anticipated implementation budgets have doubled in the year since our previous survey.
  • 76% of banks surveyed expect bank accounts to be more useful for regulators under the new rules.
  • A majority of respondents expect to use one or more of the operational simplifications available, despite discouragement from the Basel Committee on Banking Supervision.
  • 85% of banks surveyed anticipate their expected credit loss provisions to exceed those calculated under Basel rules, mostly driven by the provision of lifetime expected losses under "stage II."
  • More than half of respondents indicated that they do not have enough technical resources to deliver their IFRS 9/FASB CECL project and a quarter of these further doubt that there will be sufficient skills available in the market to cover any shortfall.

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