(MENAFN - Trend News Agency) Baku, Azerbaijan, May 27
EY has held a presentation on IFRS 9, an International Financial Reporting Standard, which has been promoted by theInternational Accounting Standards Board(IASB).
IFRS 9 primarily covers accounting for the so-called financial instruments. Financial instruments are assets that can be traded, or they can also be seen as packages of capital that may be traded.
Generally, IFRS 9 contains three main facets: classification and measurement of financial instruments,impairmentoffinancial assetsandhedge accounting .
The presentation organized by EY Azerbaijan in Baku focused specifically on methodology and automation perspectives of IFRS 9 impairment calculation in banking sector.
EY's Financial Services is an integrated area that combines experienced professionals and IFRS 9 experts from many many countries and across various
competencies. EY Azerbaijan invited Viktoriya Shmuratko and Polina Kyrushko from EY Ukraine practice to speak during presentation and share their extensive knowledge of IFRS 9.
Viktoriya Shmuratko said: 'We understand the complexities, challenges and opportunities of implementing IFRS across multiple business units and diverse portfolios. Therefore, we made a special focus on methodology for ProVision – an automated tool for impairment calculation in line with IFRS 9. During discussions we realized that many banks in Azerbaijan have not yet developed automated tools for impairment calculations, so they found our presentation extremely useful. As a result, those who attended our presentation indicated that going forward Azerbaijani banks will now seriously consider adopting and using ProVision '.
EY made a major commitment to the development of Azerbaijan and the region by opening the office in Baku 25 years ago. Today, in addition to being the leading audit and consulting firm in Azerbaijan, EY is the leading professional services firm in the region. EY has been successful in assisting both domestic and international companies, as well as state-owned entities, to manage challenges of the international economy.
There are currently more than 220 people working in EY's Baku office, serving clients in Azerbaijan. EY's strength in the Caspian Region and the firm's commitment of resources are important to the businesses operating in the region.