IASB Issues Updates of Meetings for April 2019
IASB published an updated work plan, along with the update of its meeting in April 2019. The update on the IASB meeting highlights preliminary decisions of the Board. Additionally, a summary of the meeting held by Transition Resource Group for IFRS 17 on insurance contracts (TRG) in April 2019 has been published. One of the key developments is the announcement that an exposure draft of certain proposed amendments to IFRS 17 is expected to be published at the end of June 2019.
The key topics discussed at the IASB meeting on April 09-11 included accounting policies and accounting estimates (in relation to amendments to IAS 8), implementation matters, disclosure initiative related to accounting policies, update on research program, primary financial statements, goodwill and impairment, dynamic risk management, and amendments to IFRS 17 on insurance contracts. It is expected that the exposure draft of proposed amendments to IFRS 17 will be published at the end of June 2019.
In addition, the Transition Resource Group for IFRS 17 had met in London on April 04, 2019. TRG members discussed investment components within an insurance contract and received a report on other questions submitted. From February 2018 to April 2019, there have been four TRG meetings covering all 127 IFRS 17 submissions received up to April 2019. The discussions at the TRG meetings are based on the agenda papers that provide an accounting analysis of implementation questions submitted to the TRG. These agenda papers provide a basis for TRG members, as industry experts involved in IFRS 17 implementation, to understand the implementation questions raised and share their views on the accounting analysis. Although the analysis in an agenda paper may be relevant to other fact patterns, all relevant facts and circumstances of a particular fact pattern need to be evaluated when applying IFRS 17. IASB also made available a podcast covering the TRG meeting and the April 2019 IASB meeting about IFRS 17 recorded by Board member Darrel Scott and technical staff member Andrea Pryde.
Keywords: International, Accounting, Banking, Insurance, IFRS 17, Work Plan, Insurance Contracts, Transition Resource Group, IASB
Previous Article
CFTC Proposes to Renew Information Collection on Swap Data ReportingRelated Articles
|
News
FCA Publishes Its Business Plan for the Coming YearFCA published its Business Plan, which sets out the main areas of focus and priorities for 2019/20.
May 17, 2019
WebPage
Regulatory News
|
|
News
IASB Issues Work Plan and Meeting Updates for May 2019IASB published an updated work plan, along with the update of its meeting in May 2019.
May 17, 2019
WebPage
Regulatory News
|
|
News
CFTC Proposes to Amend Derivatives Clearing Organization RegulationsCFTC proposed amendments to certain regulations applicable to registered derivatives clearing organizations (DCOs) under Part 30 of the CFTC regulations.
May 16, 2019
WebPage
Regulatory News
|
|
News
APRA Licenses Societe Generale As Foreign Deposit-Taking InstitutionAPRA granted Societe Generale a license to operate as a foreign authorized deposit-taking institution under the Banking Act of 1959.
May 16, 2019
WebPage
Regulatory News
|
|
News
EBA Provides Updates on Its Work on Basel III Impact Assessment in EUEBA is working to finalize the impact assessment on implementation of Basel III standards, in response to the EC call for advice, which was received on May 04, 2018.
May 16, 2019
WebPage
Regulatory News
|
|
News
ISDA Publishes Two Consultations on Benchmark FallbacksISDA published two consultations on benchmark fallbacks, the comment periods for which expire on July 12, 2019.
May 16, 2019
WebPage
Regulatory News
|
|
News
Sam Woods of PRA Speaks About Style of Regulation in UK After BrexitSam Woods, Deputy Governor for Prudential Regulation and Chief Executive Officer of PRA, spoke at the UBS Financial Institutions Conference in Lausanne.
May 16, 2019
WebPage
Regulatory News
|
|
News
FED Publishes Report Summarizing Regulatory and Supervisory ActivitiesFED published a report that summarizes banking conditions and the supervisory and regulatory activities of FED, in conjunction with semiannual testimony before Congress by the Vice Chairman for Supervision.
May 15, 2019
WebPage
Regulatory News
|
|
News
US Agencies Propose to Amend Regulatory Framework for Foreign BanksUS Agencies (OCC, FED, and FDIC) proposed a regulatory framework for foreign banks operating in the U.S. that would more closely match the rules for foreign banks with the risks they pose to the U.S. financial system.
May 15, 2019
WebPage
Regulatory News
|
|
News
ECB Consults on EONIA to €STR Legal Action PlanECB published a consultation, which was launched by the working group on euro risk-free rates, on recommendations to address the legal implications for new and legacy contracts referencing the euro overnight index average (EONIA), as a result of the proposed transition from EONIA to the euro short-term rate (€STR).
May 15, 2019
WebPage
Regulatory News
|
