The IFRS 9 accounting standards represents one of the biggest changes to the accounting architecture since the global financial crisis. However, even with the deadline being just around the corner, it is still possible for an institution to put it into practice smoothly.
Surveys focusing on IFRS 9 have often found that a large proportion of firms are not as far along the road to implementation as they had aimed for. But, if your organisation has already fostered good communication among key departments, then the foundations for an effective implementation have already been laid out.
This paper broadly sets out the critical steps of implementation and suggests the most effective ways to accomplish them. It further explores the primary elements of IFRS 9 to help aid context and understanding.