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
Featured Experts
Gavin Conn
Experienced life actuary; background in economic capital modeling; ALM specialist; IFRS 17 researcher
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Nick Jessop
Scenario modeling expert; risk management specialist; quantitative financial modeler
Related Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.