We are proud to launch Creditinfo’s new IFRS products created by Creditinfo Global Solutions.
These products meet the extensive market demand from the Credit Industry, due to the obligation for all to comply with IFRS reporting requirements starting this year. Our offer will enable clients to meet a regulatory requirement in a cost effective way, using Creditinfo Credit Bureau data alongside them. These products offer us significant recurring revenue opportunities and an additional product to tie-in clients to our bureaus, giving us increased up-sell and cross-sell opportunities.
IFRS 9 is a new international accounting standard replacing IAS 39. International Financial Reporting Standards require a consistent reporting of financial information globally. IFRS 9 – Financial Instruments – sets out the requirements for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. In particular, it sets requirements on the assessment of the risk of a loan portfolio, based on statistical forecasts of expected losses from defaulted loans. Whilst IFRS provides global standards, local regulators can impose specific requirements in their markets. Penalties for non-compliance may also be determined by local regulators.
Source: Creditinfo Chronicle