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Change is imminent

23 February 2016

Accounting: Change is imminent - read more

New reporting rules threaten EU banks’ profits

Major European banks will soon be facing a substantial hit to their earnings. In 2016, the EU is expected to ratify the adoption of IFRS9, a new reporting standard for financial instruments. According to a recent report from Barclays, the reforms are expected to force leading banks to write-off a combined total of over €61 billion against their earnings. In particular, IFRS9 promises to overhaul how banks report their losses on loans. Many banks will see their provisions for loan losses...

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