Loan loss provisioning requirements under International Financial Reporting Standards (IFRS) differ significantly from the practices currently in force in those European countries that will be adopting IFRS from 1 January 2005, according to Moody’s. ‘The impact of the application of IFRS loan impairment methodology will vary not only from country to country but also from bank to bank within each country. We thus expect European banks to start communicating their views on the implications of IFRS on their loan loss provisions as soon as they are in a position to do so,’ explained Yaroslav Sovgyra, Vice-President, Senior Accounting Analyst at Moody’s. ‘In addition, while the IFRS loan loss provisioning requirements have some similarities with the Basel 2 Accord requirements for the calculation of credit risk capital charges, there are also some significant differences,’ said Sovgyra. Moody’s believes that a full convergence between these two sets of rules in the near future is necessary but likely to prove difficult.
UK firms investment in training and development will increase, on average, by a fifth in the next year, claims Robert Half recruitment after interviewing 100 financial services (FS) executives.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.