ZIMBABWEAN banks have survived an onslaught brought by International Financial Reporting Standards (IFRS) 9, the new standard of accounting for classification and measurement of financial instruments which came into effect on January, 01, 2018, after the majority of them recorded healthy profits in the first six months of this year. IFRS 9, which replaced IAS 39, requires the recording of expected losses on financial assets, such as loans, regardless of whether there has been any actual loss. Previously, these ‘impairment losses’ would only be recorded after they had been incurred. There were fears that the new accounting standard for the recognition of financial instruments will put a huge dent on local banks’ revenue performance. However, financial statements of most banks…