FERNBACH, together with its local partner Audit Risk Consulting (ARC) and the Tunisian Professional Association of Banks and Financial Institutions (APTBEF) hosted the event “Transition of the financial sector to IFRS” in Tunis on 06 April 2021. We are delighted with the participation and the great interest in the impact of IFRS on banking in Tunisia – more than 130 representatives of various tunisian banks as well as the Minister of Economy, Finance and Investment Support and the Governor of the Central Bank have attended the event.
The initial situation
International Financial Reporting Standards (IFRS) have been established with the goal of creating internationally recognised set of accounting standards that bring transparency and efficiency to financial markets around the world. Tunisia is one of the very few countries where IFRS are not applied and this acts as a negative factor towards foreign investment. Recently, the country decided to undertake the transition towards IFRS and announced the adoption of IFRS by the end of 2021 for the preparation of consolidation of financial statements for all listed companies and financial institutions.
This transition is challenging for two main reasons: the adoption timeframe is tight and moreover the adoption and implementation costs and the costs related to their enforcement are significant.
The audience learnt first-hand from Tunisian experts the challenges and constraints of implementing IFRS in Tunisia. Afterwards, Geert Massa and Robert Hall at FERNBACH, highlighted how a full implemented IFRS solution can make a bank stronger in a competitive market and how FERNBACH’s experience and successful IFRS implementations in other markets will help to avoid pitfalls and to implement the new standards successfully.
If you would like to learn more about our solution, please contact us and get first-hand information.