Lao banking industry updated on financial regulations
VIENTIANE (Vientiane Times/ANN) – The Lao banking sector is working to improve regulations and update preparations for implementing the Basel II principles, including learning about the International Financial Reporting Standard (IFRS 9).
IFRS 9 is promulgated by the International Accounting Standards Board (IASB) and addresses accounting for financial instruments. It contains three main topics: classification and measurement of financial instruments, impairment of financial assets, and hedge accounting.
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