Featured Product

    IASB Updates IFRS Taxonomy to Reflect Benchmark Reform Amendments

    December 17, 2020

    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

    Featured Experts
    Related Articles
    News

    EBA Publishes Standards on Disclosure of Investment Policy Under IFR

    The European Banking Authority (EBA) published the final draft regulatory technical standards on disclosure of investment policy by investment firms, under the Investment Firms Regulation (IFR).

    October 19, 2021 WebPage Regulatory News
    News

    EBA Updates Filing Rules for Supervisory Reporting

    The European Banking Authority (EBA) published version 5.1 of the filing rules for supervisory reporting.

    October 19, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Procedures for Collection of AnaCredit Data

    The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.

    October 19, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Procedures for Collection of AnaCredit Data

    The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.

    October 19, 2021 WebPage Regulatory News
    News

    APRA Finalizes Guidance for New Prudential Standard on Remuneration

    The Australian Prudential Regulation Authority (APRA) published the prudential practice guide CPG 511 to assist banks, insurers, and superannuation licensees in meeting requirements of CPS 511, the new prudential standard on remuneration.

    October 18, 2021 WebPage Regulatory News
    News

    OCC Updated LIBOR Self-Assessment Tool for Banks

    The Office of the Comptroller of the Currency (OCC) published a bulletin that provides an updated self-assessment tool for banks to evaluate their preparedness for cessation of the London Interbank Offered Rate (LIBOR).

    October 18, 2021 WebPage Regulatory News
    News

    TCFD Updates Guidance for Financial Disclosures on Climate Risk

    The Financial Stability Board (FSB) published a report that examines the progress made toward disclosures aligned with recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

    October 14, 2021 WebPage Regulatory News
    News

    BCBS Report Examines Progress on Adoption of Basel III Framework

    The Basel Committee on Banking Supervision (BCBS) published the progress report on adoption of the Basel III regulatory framework in member jurisdictions.

    October 14, 2021 WebPage Regulatory News
    News

    ACPR Implements Updates Related to DPM Version 3.1

    The French Prudential Supervisory Authority (ACPR) has implemented, in its information system, updates linked to the Data Point Model (DPM) version 3.1.

    October 14, 2021 WebPage Regulatory News
    News

    EBA Note Examines Transition Risks of Benchmark Rates

    The European Banking Authority (EBA) published a thematic note that aims to identify and raise awareness of the transition risks of benchmark rates, as the London Interbank Offered Rate (LIBOR) and the Euro Overnight Index Average (EONIA) are close to being phased out.

    October 14, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7571