ECL PFRS9 - Philippine Financial Reporting Standard for Small Entities
The introduction of new regulatory standards is a significant change in ECL computation and financial reporting for banks. It has impact on many stakeholders including investors, regulators, analysts, risk managers and auditors. Given the importance of banks in the global capital markets and the wider economy, the effective implementation of the new standard has the potential to benefit many. Conversely, a low-quality implementation based on approaches that are not fit for purpose has the risk of undermining confidence in the financial results of the banks.