Palestine Monetary Authority Organizes Workshop on the Instructions and Guidelines of Applying the International Financial Reporting Standard 9 (IFRS 9)

Palestine Monetary Authority organized workshop on instructions and guidelines relevant to applying International Financial Reporting Standard (IFRS 9), led by IMF expert Gerald Edwards from the Middle East Regional Technical Assistance Center (METAC) and the team of the Supervision and Inspection Department of Palestine Monetary Authority.

Directors of financial, risk, internal audit, and facilities departments of banks and representatives from external audit companies participated in the workshop. The employees of the Supervision and Inspection Department of PMA also joined the workshop. 

Mr. Iyad Nassar, the acting supervisor of the Supervision and Inspection Department of PMA opened the workshop, the purpose of which was to enhance communication between relevant parties involved in applying IFRS 9 and to inform banks about main requirements of instructions that would be published in final version soon. Also, the workshop aimed to provide feedback to questions and observations to ensure minimum of ideal application at the level of banking sector.

Mr. Gerald Edwards and the team from the Supervision and Inspection Department made presentation on the mechanisms of monitoring issuing instructions relevant of applying IFRS 9 and the improvements on the components relevant to supervision and procedures of banks to making allocations on the basis of expected credit losses format in accordance to Risk Based Supervision (RBS) approach and issuing instructions relevant to internal classification systems.    

Applying IFRS 9 is part of PMA’s efforts to enhance risk management in Palestine which PMA started few years ago and included, inter alia, applying the requirements and adjustments of Basel II. Work is currently underway to apply Basel III in accordance with PMA’s strategic plan and the adoption of RBS approach.