During its May course in Kigali, Mr Robert Hall covered the most significant changes that IFRS 9 introduces, explaining the new requirements and their practical implications. This course was organized with the financial support of the Luxembourg Ministry of Foreign and European Affairs, and in cooperation with the Rwanda Bankers Association.
IFRS 9 specifies how an entity should classify and measure financial assets, financial liabilities, and some contracts to buy or sell non-financial items.
IFRS 9 requires an entity to recognise a financial asset or a financial liability in its statement of financial position when it becomes party to the contractual provisions of the instrument. At initial recognition, an entity measures a financial asset or a financial liability at its fair value plus or minus, in the case of a financial asset or a financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset or the financial liability.