Mizuho pivots to automated reporting to meet Japan’s new IFRS 9 standards

It will use FIS’ balance sheet manager solution to assess credit losses.

Mizuho Financial Group has adopted FIS’ balance sheet manager solution for its regulatory reporting requirements in Japan.

The Japanese megabank will use the balance sheet manager for compliance, in preparation for an upcoming revision in domestic account standards, according to a press release.

The Accounting Standards Board of Japan is reportedly slated to revise standards to align with global accounting standards, namely the International Financial Reporting Standard 9 (IFRS 9).

The IFRS 9 requires credit losses on financial assets to be measured and recognized using the “expected credit loss” (ECL) framework.

The balance sheet manager provides Mizuho with automated accounting capabilities, as well as will help in assessment of credit losses using a forward-looking analysis as dedicated by IFRS 9, according to a press release.