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PRETORIA, Sept. 26 (Xinhua) -- Representatives from African central banks are holding a four-day meeting in Pretoria Chris Carpenter Jersey , South Africa, to discuss the impact of International Financial Reporting Standard 9 (IFRS9) on banks and regulators in the continent.


The workshop is organised by the Working Group on Cross-border Banking Supervision and the South African Reserve Bank (SARB).


Opening the workshop on Monday, Francois Groepe, deputy governor of SARB, encouraged Association of African Central Banks to tackle challenges affecting them.


Adhering to international financial standards will prevent the repeat of the disastrous global financial crisis of 2007-2008, Groepe said.


He said the crisis highlighted the systemic costs of a delayed recognition of credit losses on the part of banks and other lenders Vince Coleman Jersey , and the application of the prevailing standards at the time was seen as having prevented banks from provisioning appropriately for credit losses likely to arise from emerging risks.


These delays resulted in the recognition of credit losses that were widely regarded as "too little, too late," and gave rise to questions of pro-cyclicality by spurring excessive lending during the boom and forcing a sharp reduction in the subsequent bust, he added.


Some financial experts believe that after that global financial crisis, banks are now better capitalized with higher buffers and are better able to absorb losses.


The SARB deputy governor said while many workshops have been held in the past two years, there have never been one focusing specifically on Africa.


"There are factors that are unique to Africa that need to be taken into account Mark McGwire Jersey ," Groepe said. "With this workshop, we want to fill this gap and provide a platform for African regulators to discuss the specific issues and concerns that may affect them in the implementation of IFRS 9."


The International Accounting Standards Board issued IFRS 9 on July 24, 2014, to replace the existing standard. IFRS 9 has a mandatory effective date of Jan. 1, 2018.


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