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
FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.
ECB published results of the quarterly lending survey conducted on 143 banks in the euro area.
ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.
EBA published the annual report on asset encumbrance of banks in EU.
MAS revised the guidelines that address technology and cyber risks of financial institutions, in an environment of growing use of cloud technologies, application programming interfaces, and rapid software development.
FED updated the reporting form and instructions for the FR Y-9C report on consolidated financial statements for holding companies.
EBA issued a consultation paper on the guidelines on monitoring of the threshold and other procedural aspects of the establishment of intermediate EU parent undertakings, or IPUs, as laid down in the Capital Requirements Directive.
EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.
BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.
HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.