Dear Fellow Accountant/Banker,
Attached is a publication that provides the following:
• Asset quality performance of the Banking industry in Ghana since 2007;
• IAS 39 impairment practices among Banks in Ghana since the adoption of IFRS in 2007; and
• The impact of the new accounting impairment guidelines in IFRS 9 on Banks in Ghana.
The Banking regulator in Ghana ( “Bank of Ghana” or “BoG” ) required Banks in Ghana to report their financial statements under IFRS for financial year ends beginning January 1, 2007. To help with the IFRS transition among the Banks in Ghana set up a working group to identify key challenges in the application of IFRS and to provide recommendations on how to navigate the challenges.
One of the areas that was carefully examined by the BoG IFRS working group was impairment provision under IAS 39. The aim of this publication is to present the following:
• Provide ratiosrelatingtotheassetqualityperformanceoftheBankingindustrysince 2007 • Toreport onIAS39 impairment practices among Banks in Ghana since theadoption of IFRS in 2007 and • Identifytheimpact ofthenewaccounting impairment guidelinesin IFRS9onBanksin Ghana.