Impact of the application of IFRS 9 on listed Spanish credit institutions: implications from the regulatory, supervisory and auditing point of view
Purpose: At the European level, on January 1st 2018, the accounting standard IFRS 9, on the principles for the accounting information of financial instruments entered into force. The objective of this research paper is to analyse the impact of the first application of IFRS 9 on the credit institutions listed in Spain, specifically, its effects on their financial statements and the corresponding audit reports. Design/methodology/approach: In order to achieve research purpose, a descriptive analysis of the analysed entities has been carried out, through the financial and economic indicators, and through the review of the corresponding audit reports. Findings: The results show that the application of IFRS 9 had a significant effect (both, positive and negative) on the results of the subject companies. Based on the audit reports, the application of this new standard increased the degree of complexity and that of accounting estimates in the financial statements. Originality: This research is an important contribution to the literature on this topic because it analyses the impact of IFRS 9 under the main points of view that allow for a more complete understanding of the standard. Thus, addressing the regulatory-accounting standpoint, the economic-financial impact and the consequences on the implementation process.
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