The Transition from IAS 39 to IFRS 9 and Its Impact on Financial
Performance: Case of a Moroccan Public Financial Institution
Abdallah Bellagdid
, Abdelhak Sahibeddine
, Imane Britel
and Christophe Godowski
National School of Business and Management, University of Chouaib Doukkali, Morocco
The Institute of Business Administration, University of Limoges, France
Keywords: IFRS9, Financial Instruments, Financial Performance, Prudential Supervision.
Abstract: The following framework provides a thorough insight into the international accounting standards with a
particular focus on the one pertaining to the financial instruments IFRS 9 applied and monitored, for
instance, by afinancial public institution. It also sheds a light on the procedure that needs to be followed by
other entities upon the implementation of a new international accounting standard. The investigation
conducted, the methodology used as well as interviews established with the staff of consolidation and
calculations practiced has allowed for the elaboration a comparative study between real situation and
simulated situation (IFRS 9). Synthetic as well as visual, the study has led us to formulate a detailed and all-
encompassing vision on the impact of this transition on the financial performance of the financial group,
without omitting the risk aspect relative to this concept represented by prudential supervision.The value of
the present research lies to identify the various representations of this new international accounting standard,
to propose recommendations for a perfect control and realization of its strategic as well as operational
The international accounting standards, known as
IAS (International Accounting Standards) or IFRS
(International Financial Reporting Standards) were
born of a meticulous desire to create a single
European accounting standard. This new accounting
model aims to redefine certain concepts, notably
financial transparency, comparability of financial
statements and improved quality of information.
In its capacity as a public body, the organization
adopted international accounting standards in its
financial approach in 2008 and applied them to the
consolidated financial statements. The Accounting
and Consolidation Department of the financial group
monitors compliance with these standards.
However, as part of the project to modernize
international accounting standards in order to adapt
to the international economic and financial context,
the management responsible continually updates the
annual financial statements in line with the notices
issued by the IASB. The year 2018 was marked by
the advent of IFRS 9 on financial instruments.
The transition from IAS 39 to this new standard
is a challenge not only for this financial group, but
also for all financial institutions. This transition is
described as a far-reaching trajectory because of its
representations and repercussions on the accounting
logic (the new provisioning principle), as well as on
the consolidated financial statements for fiscal year
It is important to note that the application of
these standards and the monitoring of related
reforms is not limited to compliance with regulatory
requirements. It also focuses on a molar approach
that seeks to improve macroeconomic indicators
while strengthening the country's international
competitive position.
The present work sets out a certain number of
objectives, starting with a review of the transition to
the new standard, the quantification of its impact on
the financial performance of the financial group, and
finally proposing avenues for improvement and
making appropriate recommendations.
Our research therefore consists of linking two
poles: that of the application of international
accounting standards in the consolidated financial
statements and that of financial performance.
We assume that any reform within this
framework directly influences the performance and
Bellagdid, A., Sahibeddine, A., Britel, I. and Godowski, C.
The Transition from IAS 39 to IFRS 9 and Its Impact on Financial Performance: Case of a Moroccan Public Financial Institution.
DOI: 10.5220/0010448900890097
In Proceedings of the 3rd International Conference on Finance, Economics, Management and IT Business (FEMIB 2021), pages 89-97
ISBN: 978-989-758-507-4
2021 by SCITEPRESS Science and Technology Publications, Lda. All rights reserved
financial health of the organization. This leads us to
set the following problem:
Does the adoption of the international accounting
standard IFRS 9 impact the financial
performance of a public entity - case of a public
financial institution -?
This questioning can be broken down into three sub-
First, the premeditation of the reforms of
international accounting standards: What
contribution does the mastery of normes make to
the financial performance of the financial group?
Secondly, to what extent can the financial group's
mastery of international accountingstandards
support its accounting activity?
Finally, to what extent can the international
accounting standard IFRS 9 influence
theprudential ratio of a public financial
Based on the above considerations, the
methodology that seems to us the most suitable is a
hybrid approach. It involves applying a qualitative
approach, through the elaboration of an individual
interview guide. We will try to complete it with
quantitative data through the application of the
methods and tools of the quantitative approach.
Our plan for this research is twofold: The first
part consists in forging the theoretical construct of
our work. The second part constitutes the empirical
pole. We then present the impact of the transition
from IAS 39 to IFRS 9 on the Group's financial
performance, the state of completion of our work
and the areas for improvement in order to better
control future reforms.
The analysis of the impact of the transition from IAS
39 to IFRS 9 on financial performance requires first
of all an assessment of the environment in which this
accounting reform will be adopted, while highlighting
the main contributions of the new IFRS 9 to the
accounting sphere, and then an exploration of
previous work that has dealt with this issue.
2.1 From IAS 39 to IFRS 9
The entry into force of IAS 39 in 2001 was highly
unproven since it used the fair value method, which
was a real obstacle for financial institutions in terms
of asset recognition. This state of affairs has led
users of international accounting standards and
experts in the field to reconsider their positions on
IAS 39 because:
- Insolvency in terms of management of financial
- The lack of transparency preserved by this
- The use of Fair Value as a valuation option;
- Non-anticipation of market events in terms of
asset impairment.
This non-exhaustive list of criticisms was the
trigger point for the draft IFRS 9 standard. In July
2014, the IASB (International Accounting Standards
Board) published the final version of the IFRS9
standard entitled "Financial Instruments" to replace
IAS39 "Financial Instruments: Recognition and
The new standard, which came into force on
January 1, 2018, is complex to apply and has
brought several new accounting and financial
innovations, including a new classification and
measurement of financial instruments, the
introduction of the provisioning principle of
expected credit losses (ECL) and the reform of
hedge accounting.
2.2 Impact of IFRS 9 on Financial
Performance: State of Play
The application of IFRS 9 has aroused the interest of
scientific researchers because it has brought about
enormous changes, especially for financial
institutions. However, it should be noted that the
number of scientific research studies dealing with
this accounting reform remains too small, in contrast
to the many agencies and auditing firms that have
conducted studies to measure the real impact of the
application of the said standard.
In order to complete this transitional phase, Bank
Al Maghreb had granted a 2-month grace period to
institutions for the quarterly financial publication of
consolidated accounts. This affirms the great
vigilance that must be adopted by institutions for a
non defaulting application of the standard.
In addition, we conducted an international
Benchmarking exercise involving a group of
consolidating entities that have anticipated the
application of IFRS 9 in 2017. The objective was to
estimate the impact of the application of IFRS 9 on
shareholders' equity and consequently on the
statement of financial position. We have selected a
sample of international financial institutions with a
sizeable portfolio. It is important to note that no
Moroccan group has anticipated the implementation
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of the new IFRS 9 standard or quantified its impact
on the financial statements.
Table 1 : International benchmarking.
Group Impact on the balance sheet structure
A €2.5 billion net tax decrease in
Shareholders' Equity; accompanied by a
€3.3 billionchangein the overall amount of
The decrease in the value of consolidated
shareholders' equity of 1 milliard €.
The Group values the loss on consolidated
consolidated equity at €235 million;
compared to aloss of €224 million recorded
in K. own share.
Changes in the JV (net of tax) charged to
equity for an amount of €(198) million.
Gains and losses due to the reclassification
of certain assets are transferred to reserves
for an amount of €3 million.
In the same context, the U.S. rating agency Fitch
Ratings published on Monday, August 6, 2018 the
results of its study analyzing the first-time adoption
of IFRS9 on the capital of Moroccan banks. The
published financial statements of banks, in the first
quarter of 2018, confirmed the increase in bond
provisions, accompanied by the reduction of equity
capital to 13.8% for BCP, 10.5% for BMCE Bank
and 9.1% for Attijariwafa Bank - all national banks
of systemic importance - and 3.2% for Credit du
Figure 1 : Impact of IFRS 9 on equity.
As for the report published by CFG Research,
the introduction of new provisioning rules to cover
impairment of financial assets impacted, in 2018, the
provisions on receivables of the 6 listed banks by
MAD 16.7 billion, an increase of 32% compared to
the provisions under IAS 39. In addition, this
accounting adjustment had a direct impact on the
equity of listed banks of nearly MAD 12 billion, of
which 92% stems from the three leaders (67% of
outstanding loans in Morocco) Attijariwafa bank,
BCP and BMCE Bank Of Africa.
On the other hand, M.S.I.N., the broker of the
stock exchange company, has accentuated its analysis
on listed banks. According to his calculations, the
latter have lost 12 billion DH of capital since the
adoption of IFRS 9. Their shareholders' equity has
thus fallen from MAD 137.6 billion to MAD 125.6
billion, a drop of 8.8%, with an immediate impact on
their ability to absorb shocks accompanied by a risk
of increased financing costs.
This section begins with a presentation of the
epistemological and methodological position
advocated for measuring the impact of the adoption
of IFRS 9 on the financial performance of a
government organization. It then goes on to explain
the nature and survey tools used to reconcile the said
3.1 Sample
The study was carried out within a public financial
institution with a scope of 145 subsidiaries in all
business lines and industries. The Group's
diversified structure makes the analysis of the
impact of the transition and changeover to IFRS 9
within this institution very interesting and will
provide relevant answers to the questions raised.
3.2 Nature of the Investigation
In order to provide an answer to our research
question, that of the impact of the application of
IFRS 9 on the financial performance of this
institution, it is crucial to establish a hypothesis that
constitutes the starting point of our research. We
therefore assume that the change in accounting
regulations, in particular the transition from IAS39
to IFRS9, has a direct impact on the performance
and financial health of the organization.
This hypothesis must be analyzed and tested to
measure its degree of conformity and validity. In this
respect, our research is part of the positivist current
(Verifiability, Confirmability and Rebuttability), in
The Transition from IAS 39 to IFRS 9 and Its Impact on Financial Performance: Case of a Moroccan Public Financial Institution
order to identify the causes and consequences of the
events produced. Through this epistemological
paradigm, we seek to study the refutability or
acceptance of our hypothesis, which is the basis of
our research.
In terms of methodological considerations, we
have opted for a hybrid approach. On the one hand,
the quantitative component in order to trace and
explain the staging of links and causes and effects
with respect to our research theme, to evaluate the
implementation of this new standard and to measure
its impact. On the other hand, there is a qualitative
component through the development of an interview
guide, since both approaches are based on a logic of
concordance as well as opposition.
In addition, our research is part of a hypothetico-
deductive approach that leads us to avenues of
reflection and analysis applicable to the different
aspects studied. This approach also allows us to
construct the theoretical prerequisites concerning
international accounting standards that will serve as
a basis for the verification of hypotheses.
3.3 Conduct of the Investigation
We have chosen a conceptual model, a logic of
reflection, to respond to the problem we have set. It
is a question of starting with the interview guide in
order to obtain a preconfirmation of the hypothesis,
an instrument of access to reality.
Next, a reclassification model for all financial
instruments will be implemented and applied to the
Group's financial statements. We can therefore
observe and quantify the various changes in the
financial statements, consolidated balance sheet and
statement of comprehensive income.
At this stage, the establishment of a comparative
study between real and simulatedsituations becomes
possible, which will allow us to assess the impact on
financialperformance (the recommended KPIs) and
the prudential base (3 fundamental pillars of
This section begins by describing the approaches
followed and the lines of analysis undertaken, and
then presents the results of the various studies
4.1 Maintenance of the Accounting and
Consolidation Department
Following the interview guide developed and
implemented with the staff of the institution's
consolidation service, we collected a set of
responses that we analyzed carefully in order to
formulate a typical response (Appendix). The main
lines of investigation selected for this survey are as
Axis1: Understanding and assessing the
transition from IAS 39 to IFRS 9;
Axis2: Identification of the requirements in terms
of application of the new standard and
assessment of the impact of the change on
the financial governance of the financial
Axis3: Formulation of observations on the
shortcomings raised in this standard,
while suggesting avenues for
improvement as well as prospects for the
development of this work.
After analyzing the responses to the interview
guide, we were first able to assess the criticality of
the transition to IFRS 9 and the various changes and
restatements applied. In addition to thatthe existence
of an effective impact on the Group's financial
performance has been confirmed, even if the Group
remains slightly influenced by the structural
soundness and composition of its securities
4.2 Financial Instrument
Reclassification Model
The first phase of the IFRS 9 project on the
classification of financial instruments is the main
component of the project, since it is by determining
the category to which a financial instrument can be
assigned that its measurement and recognition
method can be determined.
This phase represents the basis and starting point
of the transition process puted in place. It is the work
of art of a study about the specificities and rules
prescribed by IFRS 9. At this stage, the institution
must be vigilant in order to assure protection from
potential risks that may arise.
The recognition of provisions categories of
financial instruments under IFRS 9 like Bonds
included in the portfolio of available-for-sale assets
(AFS) and listed held-to-maturity assets (HTM)
which was not permitted to recognize as provision
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under IAS 39. In addition, a new test was added in
order to recognize some instrument category, it is
the SPPI test.
4.3 Impact on Financial Performance
Before presenting the impact on the financial
performance of the financial group, we believe it is
useful to present a summary comparative study of
the actual and simulated situation of the group's
main financial statements in 2017 (consolidated
balance sheet and statement of comprehensive
- Comparative study between the impact of IFRS 9
on the actual and simulated assetsituation
Because of the application of IFRS 9, we have
prepared a simulated consolidated balance sheet in
accordance with the rules prescribed in this standard,
and in application of the reconciliation table that we
have previously stated. The simulated assets and
liabilities of the establishment are as follows:
Table 2: Simulated and actual 2017 situation.
R (2017) S (2017) Statement of change
2 34 716
234 162
in % In Value
553 640%
The impact of the new standard has been greatly
weakened by the provisions and processes put in
place by the Group's consolidation management,
without omitting the Group's status as a public
institution with a solid and varied portfolio.
This change in the financial position is explained
by the new allocation of financial instruments due to
the application of the new expected loss principle
included in the provisions of IFRS 9. It should be
noted that the provisioning rate applied is 9.5%. For
simplification purposes, this rate is applicable for the
upward revision of the total amount of provisions
actually recognized and for the recognition of
provisions on financial instruments not provided for
in the actual fiscal year. We note the new values in
this table:
Table 3: Recognition of the provision according to the ECL principle.
Actual value
of the EndTime
en MDH
Simulated provision
value of
theEnd Time
en MDH
Financial assetsat the JVR*
No provision
on this
A provision should berecognized on
adjusted variable income securitiesin
the AFS category.
been made.
A provision must berecognized on
bonds included in the
Loans and
receivables fromcredit
The new Mt according toIFRS 9 is:
(6 194 000 * 1,095) =6.782.430
Loans and
receivables from
The new provision willtherefore be :
(1 557 252 *1,095) = 1.705.191
HTM at
has been
A provision must berecorded on the
HTMside. The provision is:
4 264 321 * 9,5% = 405.111 DH
Total 151.276.291 MDH 150.722.653 MDH
* Increase in the value of Financial Assets at FVR following the reclassification of variable income securities from the
Available-for-sale category.
** Decrease in the value of variable income securities
*** Previously referred to as Held-to-maturity assets. This category includes Treasury bills andlisted HTMs
The Transition from IAS 39 to IFRS 9 and Its Impact on Financial Performance: Case of a Moroccan Public Financial Institution
We have recognized an impairment loss on
financial instruments due to the applicationof the
new ECL provisioning principle. The new amount
of provision (151.276.291 - 150.722.651) = 553.640
MDH,corresponds to the amount of the variation of
the patrimonialsituation. This provision will be
charged to the group's consolidated reserves and
willtherefore directly affect the integrated
shareholders' equity.
-Comparative study of the impact of IFRS 9 on the
income statement
This involves applying the progression rate,
obtained by calculating the average new cost of risk of
certain financial institutions, which in our case is 9.5%
Table 4: Simulatedstatement of comprehensive income.
Elements Real(2017) Simulated(2017)
Net bankingincome 6 805 078 6 805 078
Gross Operating
790 044
790 044
- Cost of Risk - 95 562 - 104 640
Pre-taxincome (loss) 691 925 682 847
- Incometaxexpense - 754 683 - 747 995
Net income (loss) - 62 758 - 65 149
- 149 284
- 149 284
Net income (Group
86 526
84 135
(84 135 - 86 526) = -2 391
It appears from our simulation that the net
result, group share, varied negatively by 2,841%. It
should be noted that due to the regulations, the
group did not make any movement on the income
statement although the balance sheet structure and
the consolidated income statement of the group are
negatively impacted, except that this impact
remains sustained and manageable due to the
structure of the group and the solidity of its
securities portfolio
- Study of the impact of IFRS 9 on financial
The evaluation of the institution's financial
performance is automatically linked to the
calculation of a number of KPIs that are considered
relevant and that unfailingly meet our needs in
terms of analysis.
Table 5: Economic Profitability Ratio.
-0,0074% + 0,0204% + 0,0570%
We note that the group is performing negatively
in terms of integrated ROE. The latter is explained by
the integrated net income which is (-62,758 MDH).
This negative result has been eased by the
implementation of the provisions of the new IFRS 9
standard; a ROE of -0.2930% recorded by a decrease
of -0.0074% compared to the actual situation.
Contrary to the integrated ROE, the Group's ROE
shows minimal positive results, due to the RNPG,
which is the result of a compensation between the
integrated net income and that relating to minority
interests (+86,526 MDH). The impact of IFRS 9
being positive in this case +0.0204%, since the
RNPG remains at the same level, while shareholders'
equity excluding minority interests and unrealized
gains or losses has decreased, following the volatility
of consolidated reserves (-17.33%).
In terms of ROCE, the ratio remains invariable.
However, the level of WCR will be impacted in the
coming years, as 37% of the total amount of
provisions will be allocated to the deferred tax item,
which will reduce it significantly. It should be noted
that the Group creates value, since the ROCE is higher
than the WACC in the actual and simulated situation.
Finally, the ROI shows a rate of (6.6142%) for the
actual situation, as it was positively influenced
+0.0570% in the simulated scenario following the
application of IFRS 9 (6.6712%). This still amounts to
a reduction in shareholders' equity in the face of the
stability of the net banking income achieved by the
Table 6: Simulatedstatement of comprehensive income.
Real Simulated
((Economic profitab-
Tx. Interest(1 - Tx. IS))
* Net indebtedness) / K.
12,9808% 13,3164% +0,3355%
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Table 7: Numerical application of the Dupont model.
Performance Indicator Calculation rule
Real Simulated
CA / K.
25,15% 27,38%
K. invested /
K. own
294,99% 300,03%
We note that all the calculated efficiencies
provide a positive leverage effect. The use of debt
within the group has led to an increase in the group's
return on equity. Indeed, the implementation of
IFRS 9 has a positive impact of +0.3355% on the
leverage effect. The existence of this effect depends
on the superiority of the economic profitability over
the interest rate applied to the financial group.
This indicator links asset management, the
achievement of a net margin and, lastly, debtcontrol.
We note through the calculation that the adoption of
IFRS 9 leads to an increase in allthe components of
the model +0.0102%. The company is in good
financial health and nothingwill prevent it from
achieving its objectives.
Table 8: Numerical application of the EVA model.
Impact of
Real Simulated
EVA 227 405,70 292 389,31
64 984
By numerical application, we notice that the group
creates value. The latter has evolved significantly in
the context of the simulated situation, with a
favourable evolution of +28.58%.Indeed, this growth
in the indicator refers to a profitability that will be
high and a growth ineconomic assets. This also
indicates that the economic profitability objectives
have been achieved.
As we have noted, the difference between the
two standards: IAS 39 and IFRS 9
impactthetreatment of financial instruments. As a
result, the implementation of IFRS 9 leads to
thesetting of several important indicators in the
balance sheet structure and the statement
ofcomprehensive income. This transition has a
positive impact on the Group's profitability,
andconsequently on its financial performance, with
the exception of consolidated ROE. Indeed, the
IASB's advancements on the subject of financial
instruments for fiscal year 2018 have asignificant
impact on equity, which is considered by entities and
SMEs as a measure ofunderperformance.
Study of the impact of IFRS 9 on the prudential base
Basel and international accounting standards are
often exhibited in a study frameworkwhere several
interactions are identified that can be synergistic or
even antagonistic.Moreover, it appeared to us from
our analysis of the Group's structure and our studies
on theapplicability of IFRS 9 that this could impact
one of the pillars of any financial institution, namely
the prudential base stipulated at the Basel III level.
Pilllar 1: Increasing Regulatory Funds and
Improving their Quality: We found that the group
complies with the minimum capital requirements.
However, adecrease in the equity ratios was
observed. This means that IFRS 9 has an effective
impact, but one that remains sustained and
Pillar 2: Strengthening Risk Management
Mechanisms (LCR & NSFR): We can state from
the figures observed and our analysis of the current
context that, once again, the institution seems to be
asserting its subtlety and the solidity of its structure,
which in no way seems to be overwhelmed by the
advent of this new standard.
Pillar 3: Culminating Leverage Effect: Leverage
is defined as the ratio of total assets to shareholders'
equity. Banks used this ratio asa relevant indicator.
Table 9: Measuring impact on FP leverage impact.
Total assets
Share holders'
Leverage effect
234 716
234 162
21 972
21 419
9,3615% 9,1472%
The Transition from IAS 39 to IFRS 9 and Its Impact on Financial Performance: Case of a Moroccan Public Financial Institution
We note from our calculations that the institution
largely complies with the minimumset for equity
leverage, which is 3%. The impact of IFRS 9 on this
third pillar is not a causefor concern for the Group's
accounting and finance department
The study we conducted on the impact of the
transition from IAS 39 to IFRS 9 is theresult of an
interview with the Group's consolidators, combined
with a brief analysis of thevarious extensions of this
transition, materialized by the calculation of various
KPIs, whilereferring to the history of the work
carried out in the same research framework.
It should be noted that the survey was established
in an estimation logic, by comparingthe existing
with the closest reality. Moreover, the focus of this
research is not limited solely tothe study and control
of the impact of the implementation of IFRS 9
within the financial group,but is also interested in
the preparation of a preventive process allowing a
better integration ofthe new accounting standards.
In the first quarter of 2018, the financial group
under review published its consolidatedfinancial
statements including the impact of the first-time
adoption of IFRS 9. The latter showthat the gross
impact of the evaluation of expected credit losses
amounted to 321 millions MAD. On the other hand,
the simulated study we conducted showed a
provision amount,according to the new principle, of
553 MDH. This difference has been absorbed on the
onehand, by the fact that the simulated study had as
the only variable the new IFRS 9.And on the other
hand, due to the doubling of its GNP which reached
1.6 MMDH in 2018 against 734.9 MMDH in 2017
for the first quarter, in addition to its RNPG which
amounted to 236 MMDH, up 109% over a year.
There seem to be many avenues for extending
our research work, because of its novelty,its
originality, but above all because of its
representations and implications. A large-
scaleworkthat requires a continuous and perpetually
updated effort so that not only this financialgroup,
but also all institutions can accompany the mutations
and changes imposed by the special accounting
Several factors motivated us to choose this research
topic. First, the intellectual curiosity and the desire to
assimilate successfully part of the sphere of
international accounting standards, namely IFRS 9.
Then, our presentiment and conviction, that the
appropriation by this financial group of the transition
from IAS 39 to IFRS 9 would bring real added value.
The methodology of our research follows the
process of developing and implementingan
international accounting standard, from assimilation
to the evaluation of differences andimpact in order
to decide on the transition and deliver the
appropriate comments andinterpretations.
Our field survey fits well with the hybrid approach,
bringing together both qualitativeand quantitative tools.
It relies on the opinions expressed, as well
ascalculations to study the structural variability of the
main financial statements and then assess the impact on
the financial performance.
This work has enabled us to obtain a global and
detailed view of what otherestablishments and
consolidating entities could encounter following the
adoption of this newstandard, and its impact on the
structure of their financial statements and
consequently adeduction on financial performance..
In conclusion, this research has provided us with
an understanding of how the group is preparing for
the new accounting requirements and what the impact
might be on an establishment of this size.We should
note that international accounting standards in general
have now become a necessity for groups and
institutions to ensure good financial governance in
full compliance with regulatory requirements. We
hope that, through this work, we havecontributed to
the debate on the impact of the implementation of
IFRS 9, and that the actionscarried out in the field
have succeeded in providing answers to this problem.
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