With less than six months to the implementation of the International Financial Reporting Standards 9 deadline, many banks are yet to meet up with the deadline given by the Central Bank of Nigeria to move to the new financial reporting regime.
The Director, Banking Supervision, CBN, Alhaji Ahmad Abdullahi disclosed this in Lagos.
According to him, the new reporting standards would help improve banking processes and policies.
He stressed that IFRS-9 implementation would require massive investments on consultancy, systems development and trainings.
Abudallahi further stated that IFRS-9 requires extensive qualitative disclosures about credit risk management policies.