IFRS 9 transition reports

 

From 1 July 2018, the group adopted IFRS 9 (which replaces IAS 39) on the recognition and measurement of financial instruments. 
 
The transition report is designed to assist the reader in understanding the differences between IFRS 9 Financial Instruments (which replaces IAS 39 Financial Instruments: Recognition and Measurement), and explains how the adoption of IFRS 9 impacts key financial metrics. IFRS 9 came into effect from 1 July 2018. The group and bank interim results for the six months to 31 December 2018 and subsequent results will be prepared according to this new accounting framework. 

IFRS 9 introduces fundamental changes in FirstRand's accounting framework in relation to financial instruments and impairment methodology in particular. However, these are changes to the accounting framework and have no effect on the underlying economic performance. The adoption of IFRS 9 does not change the credit quality of financial instruments on the balance sheet, but results in earlier recognition of credit losses.

Click on the links below to download the PDF documents for FirstRand and FirstRand Bank.  

FirstRand (FSR) IFRS 9 financial instruments transition report - 1 July 2018

FirstRand Bank (FRB) IFRS 9 financial instruments transition report - 1 July 2018