Featured Product

    IASB to Propose Narrow-Scope Amendment to IFRS 17

    December 13, 2018

    IASB has, during its December meeting, voted to propose to amend IFRS 17, the insurance contracts standard it issued in May 2017. The Board’s discussions will continue in early 2019 and will be followed by a public consultation on the proposed amendment(s) before any changes are confirmed. The public consultation will include a one-year deferral of the effective date of the standard to 2022, which the Board decided to propose during its November meeting.

    When the Standard was issued, IASB initiated a comprehensive program of stakeholder engagement to fully understand the practical challenges of implementing IFRS 17 and to identify possible refinements to ease the burden of transition. This led to the Board commencing a process of evaluating the need for making possible amendments to the standard at its October meeting. In that meeting, the Board decided that any amendments should not result in less useful information for investors, disrupt existing implementation processes, and risk undue delays in the effective date of a standard that is much-needed to address inadequacies in the current wide range of insurance accounting practices.  The amendment proposed at this month’s meeting meets these criteria.

    Keywords: International, Accounting, Insurance, IFRS 17, Insurance Contracts, December Meeting, IASB
    Featured Experts
    Related Articles
    News

    FSB Report Examines Implementation and Impact of G20 Financial Reforms

    FSB published fifth annual report on the implementation and effects of the G20 financial regulatory reforms.

    October 16, 2019 WebPage Regulatory News
    News

    EBA Launches Consultation on Comprehensive Pillar 3 Disclosures

    EBA proposed the new comprehensive implementing technical standard (ITS) for public disclosures by financial institutions.

    October 16, 2019 WebPage Regulatory News
    News

    EBA Consults on Revised Technical Standards on Supervisory Reporting

    EBA launched a consultation on the revised implementing technical standards, or ITS, on supervisory reporting.

    October 16, 2019 WebPage Regulatory News
    News

    APRA Proposes Measures to Strengthen Capital for Bank Depositors

    APRA proposed changes to APS 111, which is the prudential standard on measuring capital adequacy and establishes the criteria for regulatory capital requirements of authorized deposit-taking institutions.

    October 15, 2019 WebPage Regulatory News
    News

    FSB Report Examines Implementation of OTC Derivative Reforms

    FSB published annual progress report on implementation of the agreed G20 reforms for over-the-counter (OTC) derivatives markets.

    October 15, 2019 WebPage Regulatory News
    News

    FSB Publishes Update on Its Market Fragmentation Work

    FSB published an update on its work to address the issue of market fragmentation.

    October 14, 2019 WebPage Regulatory News
    News

    FCA Releases Feedback to Online Survey on New Data Collection Platform

    FCA published results of the survey requesting feedback for the new data collection platform that will replace GABRIEL.

    October 14, 2019 WebPage Regulatory News
    News

    HKMA Reduces Countercyclical Capital Buffer in Hong Kong to 2.0%

    HKMA announced that the countercyclical capital buffer (CCyB) for banks in Hong Kong has been reduced from 2.5% to 2.0%, with immediate effect, in accordance with the Banking (Capital) Rules.

    October 14, 2019 WebPage Regulatory News
    News

    EC Consults on Implementation of Final Basel III Reforms in EU

    EC launched a public consultation on the implementation of Basel III standards in EU.

    October 11, 2019 WebPage Regulatory News
    News

    MAS Amends Regulation on Clearing of Derivatives Contracts

    MAS amended regulation for the mandatory centralized clearing of certain derivative contracts.

    October 11, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3971