BIBF conducts Master Class on IFRS 9 update

Manama: The Bahrain Institute for Banking and Finance (BIBF) held a Master Class on the latest update for the International Financial Reports Standards (IFRS 9) and other recent pronouncements, for senior finance executives in the Banking sector. The event organised by BIBF’s “Centre of Excellence for IFRS” was held on May 8 and 9.

This session covered the latest changes to the standards that were addressed in a Central Bank of Bahrain (CBB) circular on IFRS 9 issued on 15 November 2015.

BIBF’s Deputy Director, Dr. Ahmed AbdulGhani Al Shaikh said, “One of the BIBF’s main objectives is to maintain being the leading provider of innovative, industry-relevant qualifications to support the objectives of the CBB and aid in strengthening Bahrain’s position as a financial hub in the region.”

Head of Banking, Accounting and Finance at BIBF,  Deen Jayah said, “This new standard would come into effect on 1 January 2018, all banks and insurance companies should be prepared well in advance, to meet the demands on structural changes to the IT systems, and operational policies that are required”. The two-day Master Class session was led by Lincoln Miles, an expert financial trainer and practitioner, who specialises in IFRS, US GAAP and UK GAAP.