Featured Product

    IASB to Issue Final Phase 2 Benchmark Reform Amendments in August 2020

    July 24, 2020

    At the July meeting, IASB decided to issue final amendments to Phase 2 of the IASB project on interest rate benchmark reforms in August 2020. The participants discussed the feedback received on the exposure draft on the Phase 2 of the interest rate benchmark reforms. The proposal had addressed the associated amendments to the IFRS 7 on disclosures of financial instruments, the IFRS 4 on insurance contracts, the IFRS 16 on leases, and the IAS 39 and IFRS 9, which are the old and new standards on financial instruments, respectively.

    At its meeting, the Board agreed that the amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4, and IFRS 16 should not be re-exposed. The Board members confirmed that they were satisfied that the Board has complied with applicable due process steps and that it has undertaken sufficient consultation and analysis to begin the balloting process for the amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4, and IFRS 16. The Board tentatively decided to:

    • Permit, rather than require, an entity to reset cumulative fair values to zero for performing the retrospective effectiveness assessment, as proposed in paragraph 102S of the exposure draft
    • Confirm the remaining proposals in the exposure draft related to the accounting for qualifying hedging relationships

    Keywords: International, Accounting, Banking, Insurance, Securities, IBOR, Interest Rate Benchmarks, Financial Instruments, IFRS 9, IAS 39, Hedging, Disclosures, Insurance Contracts, IASB

    Featured Experts
    Related Articles
    News

    EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models

    The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.

    June 21, 2022 WebPage Regulatory News
    News

    EP Reaches Agreement on Corporate Sustainability Reporting Directive

    The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).

    June 21, 2022 WebPage Regulatory News
    News

    PRA Consults on Model Risk Management Principles for Banks

    The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.

    June 21, 2022 WebPage Regulatory News
    News

    EC Regulation Amends Standards for Calculating Credit Risk Adjustments

    The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.

    June 21, 2022 WebPage Regulatory News
    News

    HKMA Announces Launch of Data Repository on Sustainable Finance

    The Hong Kong Monetary Authority (HKMA) announced that the Green and Sustainable Finance (GSF) Cross-Agency Steering Group has launched the information and data repositories and outlined the progress made in advancing the development of green and sustainable finance in Hong Kong.

    June 21, 2022 WebPage Regulatory News
    News

    BIS Hub Updates Work Program for 2022, Announces New Projects

    The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.

    June 17, 2022 WebPage Regulatory News
    News

    EIOPA Issues Cyber Underwriting Proposal, Statement on Open Insurance

    The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.

    June 17, 2022 WebPage Regulatory News
    News

    NGFS Report on Integration of G-Cubed Model into NGFS Scenarios

    The Network for Greening the Financial System (NGFS) published a report that explores the feasibility of integrating the G-Cubed general equilibrium model into the NGFS suite of models.

    June 17, 2022 WebPage Regulatory News
    News

    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)

    June 16, 2022 WebPage Regulatory News
    News

    EIOPA Consults on Review of Securitization Framework in Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.

    June 16, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8301