AnaCredit means Analytical Credit Datasets. AnaCredit is a draft regulation published by the European Central Bank. Since AnaCredit will request detailed data to each individual loan, there are synergies between its implementation and the implementation of IFRS 9, a new accounting standard for financial loan instruments. Not only that data, collected for AnaCredit, can be used for the new classification according to IFRS 9. Furthermore, AnaCredit even asks for accounting data with explicit reference to IFRS 9.
Therefore the combination of both implementations seems just natural and will help to set up a stable and efficient workflow in credit institutions. Following European banking authority and Bundesbank’s current view on AnaCredit this whitepaper supports the early implementation of IFRS 9.
On May 12th 2017 the European Banking Authority (EBA) published its final Guidelines on credit institutions’ credit risk management practices and accounting for expected credit losses. These Guidelines aim at ensuring sound credit risk management practices associated with the implementation and on-going application of the accounting for expected credit losses. The Guidelines are part of the EBA’s work on the implementation of IFRS 9 and its interaction with prudential requirements and build on the Guidance published by the Basel Committee on the same matter.
Link to our whitepaper: