The implementation of IFRS 9 is a major challenge not only for the banks but also for the Regulator as well. It is a race against time as January 2018 is only 9 months away. I am still unclear about the state of preparedness and extent of understanding about IFRS9 among the domestic and smaller banks and this makes me quite nervous.
International banks present in Mauritius would lean on their group expertise. At the outset, let me tell you that I am not an accountant and accounting was something I did not really like at college. So you would not expect me to talk to you about all the intricacies, subtleties and complexities of IFRS9. I am an economist by training.