Based on our experience, there are a number of aspects that are common to every IFRS 9 project – they include:
The solution you thought you would arrive with at the start is not actually the solution you end up with
IFRS 9 is a vastly complex challenge and whilst simplifications can be applied, they need to be relevant and justifiable for your organisation. This process takes a lot of thought and analysis and will sometimes prevent an organisation doing what they wanted to do initially, or it may open up a whole new opportunity.
You will need support
Even for businesses that have enough people in their BAU team, it is unlikely they will have all the requisite skills to get the right result for the organisation in a way that meets the standard. Whether that comes from specialist EL modelling experts or technical accountants, availability may be limited and definitely needs to be planned in advance.
An exciting challenge with lots of opportunities
Whilst IFRS 9 is a challenge it is a really exciting one, on every project we have been involved with there have always been a number of interesting debates that have lead to very interesting solutions.