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
EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.
MAS amended Notice 643A that addresses requirements for banks to prepare statements of exposures and credit facilities to related concerns or parties.
ECB has published, in the Official Journal of the European Union, the Guideline 2021/565 on the euro short-term rate (€STR) and this guideline amends the previous ECB Guideline 2019/1265.
EBA launched a consultation on the draft regulatory technical standards on the list of countries with an advanced economy for calculating the equity risk under the alternative standardized approach (FRTB-SA).
PRA is proposing, via CP7/21, the approach to implementing new requirements related to the specification of the nature, severity, and duration of an economic downturn in the internal ratings-based (IRB) approach to credit risk.
The UK government launched the Recovery Loan Scheme (RLS) as part of its continued COVID-19 support for UK businesses, as announced by HM Treasury on March 03, 2021.
FSB published a letter, from its Chair Randal K. Quarles, to the G20 Finance Ministers and Central Bank Governors, ahead of their virtual meeting on April 07, 2021.
OSFI issued a letter to the deposit-taking institutions issuing covered bonds and announced the unwinding of the temporary increase to the covered bond limit for deposit-taking institutions, effective immediately.
To support recovery from the COVID-19 crisis, EU has published two regulations to amend the securitization framework, as set out in the Securitization Regulation (2017/2402) and the Capital Requirements Regulation or CRR (575/2013).
HM Treasury announced that G7 Finance Ministers and Central Bank Governors met ahead of COP 26, the 2021 UN Climate Change Conference, and agreed on green agenda.