The rest of my remarks will touch briefly on IFRS9 as a new accounting standard in replacement of IAS39, thereafter the initiatives of the Bank of Mauritius with regard to the implementation of IFRS9 will be reviewed and finally, I’ll end with a concluding note. The circumstances which brought about IFRS9 are well known by now.
Post GFC 2008, at the request of the G20 and the Financial Stability Board, the International Accounting Standards Board (IASB) stepped up its work to replace IAS39, which had started in the early 2000s, and in July 2014, the IASB released the new accounting standard IFRS9.