IFRS 9 and operational impacts on balance sheet and FINREP reporting

With the Regulation (EU) 2016/2067 dated 22^nd November 2016, the implementation of the new IFRS standard (International Financial Reporting Standard) has been put into effect.

Such Regulation has a complex and significant impact on the corporate system and will become more and more interrelated with the gathering, classification and check of financial data.

Risk, Credit and Accounting functions will have to collaborate to verify, re-determine and promote initiatives in the product management area, especially when products are articulated and hedged, with different degrees, against the main financial risks.

The targets of the proposed meeting are:

• Providing a meaningful analysis of IFRS 9 standard and its seven chapters
• Assessing the current reporting approach set out by the Bank of Italy
• Verifying impacts on harmonised reporting, mainly referring to FINREP standard and impacts on own funds

Given the breadth of the themes (accounting, reporting and balance-sheet principles), the meeting will last a full day plus the following morning.

Since the themes are cross-sectorial and interconnected, there is no need of specific technical-legal competencies and, highlighting its interdisciplinary nature, the meeting is addressed to all corporate functions involved in the management of such information (organisation, risk, credits, IT, accounting, audit and compliance).