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Interaction Program on Implementation of NFRS 9

Nepal Bankers’ Association (NBA) successfully hosted an “Interaction Program on Implementation of NFRS 9”. The program’s major goal was to share the recent progress and upcoming plan set out by NBA towards implementation of NFRS 9 among the banks, along with seeking suggestions from the regulators and concerned authorities on the way forward.

Mr. Sunil KC, NBA President delivered welcome remarks where he highlighted the progress made by NBA so far and the plan ahead. He added that NBA is trying level best to ensure that the NFRS 9 implementation is completed within the stipulated timeline. He further emphasized that the successful implementation of NFRS 9 would require continuous support and guidance from Nepal Rastra Bank (NRB), Accounting Standards Board (ASB), Institute of Chartered Accountants Nepal (ICAN) and all other concerned authorities. He also informed that NBA will coordinate with National Banking Institute (NBI) to plan a training program calendar which will ensure the readiness of human resources towards the implementation.

At the event, Mr. Bhaskar Singh Lala, President, Institute of Chartered Accountants of Nepal (ICAN) shared that implementing NFRS 9 in banks would uplift the reporting and banking practices/standard of Nepalese banks in international arena. He also highlighted the challenging part in implementation of NFRS 9 and assured that ICAN is ready to provide all necessary support and assistance for banks towards the implementation.

During the program, Mr. Prakash Jung Thapa, Chairman, Accounting Standards Board (ASB) shaded light on the significance of implementing NFRS 9 in the Nepalese banking industry. As the time frame for implementing NFRS 9 is approaching, the ASB President encouraged all banks to work actively. He also shared that NFRS 9 doesn’t limit within Chief Financial Officers (CFOs) rather includes essential responsibilities to be performed by Chief Risk Officers (CROs) and the support from Chief Information Technology Officers (CITOs).

Chief Guest of the program Honorable Governor Mr. Maha Prasad Adhikari said that NFRS 9 is highly crucial for the entire banking industry. The Governor emphasized that Nepalese banks are highly capable in complying with international practices and standards and hence, moving ahead with NFRS 9 would not be a huge hurdle although a lot of work needs to be done in preparation. The Governor also thanked NBA for conducting the interaction session as the program helped to highlight the importance on the subject matter.

At the end of the opening session of the program, Mr. Gyanendra Prasad Dhungana, Immediate Past President of NBA, said that although some challenges are seen in implementing NFRS 9 banks are moving ahead under the guidance of NBA. He requested support from all stakeholders to successfully implement NFRS 9. He also expressed sincere gratitude to everyone present in the room for their participation.

During the program Mr. Jagdish Kumar, Deputy Director, NRB delivered a presentation covering various aspects of NFRS 9. The discussion followed by the presentation was very productive and fruitful, where the participants asked relevant questions and shared their opinions, which helped to deepen their understanding of NFRS 9. The program was attended by the Hon. Governor, Chairman of ASB, President of ICAN, Senior Officials from NRB, Chief Executive Officers, CFOs, CROs and CITOs of Commercial Banks.