Featured Product

    EC Amends Regulation to Include Improvements to IFRS 9

    July 02, 2021

    EC published Regulation 2021/1080, which amends Regulation 1126/2008 and adopts certain international accounting standards in accordance with the Regulation 1606/2002 on IFRS 9 on financial instruments. The amendments relate to the annual improvements to IFRS 9, which IASB has issued. This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

    IASB issued, on May 14, 2020, the Annual Improvements to IFRS Standards 2018–2020 Cycle in the framework of its regular improvement process. The annual improvements aim to streamline and clarify the existing standards. The objective of the annual improvements is to address non-urgent but necessary issues discussed by IASB during the project cycle on areas of inconsistency in the International Financial Reporting Standards, or where clarification of wording is required. The annual improvements contain amendments to IFRS 9 and other standards. Following a consultation with the European Financial Reporting Advisory Group, EC concluded that the amendments to IFRS 9 meet the criteria for adoption set out in Article 3(2) of Regulation 1606/2002. Therefore, Regulation 1126/2008 has been amended, as set out in the Annex to Regulation 2021/1080. Each company shall apply the amendments to IFRS 9, at the latest, from the commencement date of its first financial year starting on or after January 01, 2022.

     

    Related Links

    Effective Date: July 22, 2021

    Keywords: Europe, EU, Banking, Accounting, IFRS 9, Financial Instruments, Annual Improvements, Regulation 1126/2008, IASB, EC

    Featured Experts
    Related Articles
    News

    EU Agencies Update LCR Rule and Macro-Prudential Policy Recommendation

    The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).

    May 23, 2022 WebPage Regulatory News
    News

    EBA Publishes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.

    May 23, 2022 WebPage Regulatory News
    News

    OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities

    The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.

    May 17, 2022 WebPage Regulatory News
    News

    EBA Proposes Standards to Support Secondary NPL Markets

    The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.

    May 17, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).

    May 13, 2022 WebPage Regulatory News
    News

    EBA Issues Standards for Crowdfunding Service Providers Under ECSPR

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.

    May 13, 2022 WebPage Regulatory News
    News

    EU to Amend Credit Risk Adjustment Rules; ESAs Submit Queries on SFDR

    The European Council published a draft Commission Delegated Regulation to amend the regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.

    May 13, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.

    May 12, 2022 WebPage Regulatory News
    News

    MAS Amends Notice 635 and Issues Second Proposal on Green Taxonomy

    The Monetary Authority of Singapore (MAS) published amendments to Notice 635, which sets out requirements that a bank in Singapore has to comply with when granting an unsecured non-card credit facility to individuals.

    May 12, 2022 WebPage Regulatory News
    News

    EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA

    The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.

    May 11, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8201