The coronavirus pandemic has had an impact on many institutions, including banks. Due to the pandemic the Polish banking sector faces new interpretation challenges concerning the application of accounting standards by the banks.
A special panel of the Financial Supervision Authority has been set up to address this issue. It is constituted by: three banking sector experts, five experts with many years of experience in audit and business related to the audit of financial statements and three representatives of the Office of the Polish Financial Supervision Authority, in which the Chairman of the Polish Financial Supervision Authority. One of the experts selected for the panel is Małgorzata Pek-Kocik, Statutory Auditor and Mazars Partner responsible for services for the financial institution sector.
The purpose of the panel is to take position on the application of International Financial Reporting Standards (IFRS) material to commercial banks in connection with the COVID-19 pandemic.
The panel does not issue any binding IFRS interpretations because its goal is to develop a practical approach accepted by the market on a specialist consensus basis. The main area of work will be matters of the greatest systemic importance and those raising most doubts as to its interpretation.