PracticeAuditBanks on track with IFRS compliance

Banks on track with IFRS compliance

PwC report says global banks responding well to challenge

Major global banks are responding well to the challenges of additional
disclosure demands and accounting changes presented by International Financial
Reporting Standards, according to PricewaterhouseCoopers.

Its report into the the annual reports and accounts of 20 of the leading
global banks said though that implementation of IFRS has not been without its
surprises and, despite ‘commonality in approach, there is still a way to go in
the achievement of greater consistency and comparability in a number of areas of
financial reporting’.
The firm said compliance has been the principal implementation objective.

While disclosures were generally longer in some areas such as hedge
accounting, banks adhered to disclosure requirements rather than attempting to
set the agenda, relative to their peers, in terms of the level and transparency
of disclosure, PwC said.

Simon Gealy, partner, PricewaterhouseCoopers LLP commented: ‘The
implementation of IFRS in benign financial markets, combined with favourable
global economic conditions, has resulted in much less volatility than was
originally expected in the first set of financial statements infused with fair
value accounting. This begs the question of whether we will see a future
increase in volatility as the markets change and whether this will expose any
frailties in the quality of the underlying implementation of IFRS.’

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