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.
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ECB finalized the guide on assessment methodology for the internal model method for calculating exposure to counterparty credit risk (CCR) and the advanced method for own funds requirements for credit valuation adjustment (A-CVA) risk.
EBA published an Opinion addressed to EC to raise awareness about the opportunity to clarify certain issues related to the definition of credit institution in the upcoming review of the Capital Requirements Directive and Regulation (CRD and CRR).
APRA is consulting on updates to ARS 210.0, the reporting standard that sets out requirements for provision of information on liquidity and funding of an authorized deposit-taking institution.
FED released hypothetical scenarios for a second round of stress tests for banks.
PRA published updates in relation to the 2021 Supervisory Benchmarking Portfolio exercise.
FED adopted a proposal to extend for three years, with revision, the capital assessments and stress testing reports (FR Y-14A/Q/M; OMB No. 7100-0341).
HKMA revised the Supervisory Policy Manual module CR-G-14 on margin and other risk mitigation standards for non-centrally cleared over-the-counter (OTC) derivatives transactions.
EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.
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