The recent hosting of an IFRS9 workshop by the Central Finance Facility Cooperative Society of Trinidad and Tobago (CFF) at the Hyatt Regency Hotel in Port of Spain, was deemed a success, as it attracted over 100 participants from 22 Credit Unions and other stakeholders.
Held over two sessions, the morning session provided an overview of what is IFRS9, the implications and what is required for its implementation, to Board members, chief executive officers and General Managers of credit unions, while the afternoon session session consisted of a practical session for credit officers, accounting staff, IT personnel and risk management officers.
IFRS 9 is an International Financial Reporting Standard (IFRS) advanced by the International Accounting Standards Board (IASB). It addresses the accounting for financial instruments and focuses on three main topic areas; classification and measurement of financial instruments, impairment of financial assets and hedge accounting.
In light of that, the CFF had deemed it more than necessary to equip its members with information and competency to comfortably implement the IFRS 9, which with the correct adoption, promises credit unions many benefits including greater consistency, comparability and transparency of financial reporting resulting in enhanced member confidence and thus, the interest of each credit union member.
During the work attendees heard from PricewaterhouseCoopers Assurance Partner, Haseeb Mohammed, who provided an extensive discussion of the IFRS 9 concept, its necessity and implementation; and Norris Pierre of VENTURE Credit Union, who focused on the role of the Supervisory Committee during that process.
Two regional representatives from the Jamaican Cooperative Credit Union League, where IFRS 9 has already been implemented, Susan Thompson and Sandra Hacey, both gave real and rich insight of their experience of IFRS 9 throughout the Cooperative Society in Jamaica. And A & S Technosoft Solutions representative, Lenroy Allen, also of Jamaica concluded the day’s events by providing recommendations for implication and illustrations of an IFRS9 software solution which can assist credit unions during its execution.
The content shared was so critical that senior management remained for the afternoon session and increased demand led to the workshop being extended for a half-day session the following day to accommodate an additional 40 participants.