The Bank of Mauritius is equally considering the possibility of a phase-in period of one year for provision levels to be met so that financial institutions have ample time to make the necessary adjustments. In March 2019, the Bank of Mauritius conducted a workshop on IFRS9 in collaboration with the Mauritius Bankers Association and a consultancy firm.
The Bank of Mauritius has also hired a Consultant to train supervisors on IFRS9 and to assist in the development of a set of IFRS9 returns to be submitted by the financial institutions. The returns will capture data on the calculation of expected credit losses under IFRS9 and on governance as well as the model’s methodology and set of assumptions.