IASB issued an update to the IFRS Taxonomy 2020 to reflect the amendments introduced in phase 2 of the interest rate benchmark reform. The update includes IFRS taxonomy elements to reflect the new disclosure requirements introduced by the amendments issued in August 2020. The phase 2 of interest rate benchmark reform amended old and new standards on financial instruments (IAS 39 and IFRS 9), IFRS 7 on disclosures related to financial instruments, IFRS 4 on insurance contracts, and IFRS 16 on leases.
The amendments added disclosure requirements to IFRS 7 to enable users of financial statements to understand the effect of interest rate benchmark reform on an entity’s financial instruments and risk management strategy. Earlier application of the amendments is permitted. If an entity applies these amendments early, it shall disclose that fact. In this IFRS Taxonomy Update, changes to IFRS taxonomy elements have been shown in tables. New elements are shaded in green while the elements provided for context only (that is, to which no changes have been made) have been set out in grey text. The document does not provide the full list of XBRL properties for the IFRS taxonomy elements listed. The IFRS taxonomy includes documentation labels for elements in the IFRS taxonomy. Documentation labels describe, in text, the accounting meaning of each element. Documentation labels for new elements have been included in Appendix B.
Keywords: International, Banking, Insurance, Securities, Interest Rate Benchmark, IFRS 4, Insurance Contracts, Financial Instruments, IFRS Taxonomy, IFRS 9, IFRS 16, Disclosures, IASB
The Bank for International Settlements (BIS) published a paper that studies impact of fintech lending on credit access for small businesses in U.S.
The Prudential Regulation Authority (PRA) issued the policy statement PS8/22 to amend the Own Funds and Eligible Liabilities (CRR) Part of the PRA Rulebook and update the supervisory statement SS7/13 titled "Definition of capital (CRR firms).
The European Banking Authority (EBA) launched the EU-wide transparency exercise for 2022, with results of the exercise expected to be published at the beginning of December, along with the annual Risk Assessment Report.
The Single Resolution Board (SRB) welcomed the adoption of the review of the Capital Requirements Regulation, or CRR, also known as the "CRR quick-fix."
The European Commission (EC) recently adopted the Delegated Regulation 2022/1622, which sets out the regulatory technical standards to specify the countries that constitute advanced economies for the purpose of specifying risk-weights for the sensitivities to equity.
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.