IASB published an updated work plan and a summary of its July meeting, which presents preliminary decisions of the Board. Additionally, a summary of the joint meeting held by IASB-FASB on July 23, 2019 has been published. The topics of discussion at the meetings included financial instruments with characteristics of equity, the disclosures initiative, IBOR reform, and the effects on financial reporting, dynamic risk management, and implementation of leases standard (IFRS 16).
IASB discussed the staff analysis of feedback on the exposure draft on interest rate benchmark reform, which proposes amendments to IFRS 9 on financial instruments and IAS 39 on recognition and measurement of financial instruments. At the future Board meetings, IASB will redeliberate some matters raised by respondents on the exposure draft as well as start the deliberations on the next phase of the IBOR reform project. In addition, FASB met with IASB for an educational session on the IASB project on IBOR reform and the FASB project on reference rate reform. The boards of IASB and FASB received an overview of proposals in the IASB exposure draft on interest rate benchmark reform and feedback from stakeholders. The boards received a summary of the recent tentative FASB decisions on the reference rate reform project and heard about the plans of FASB to publish an exposure draft by the end of 2019.
Keywords: International, Accounting, Banking, Work Plan, IBOR, IFRS 16, Leases, IFRS 9, Financial Instruments, Interest Rate Benchmark, FASB, IASB
Previous ArticleESRB Publishes Annual Report for 2018
PRA, via the consultation paper CP12/20, proposed changes to its rules, supervisory statements, and statements of policy to implement certain elements of the Capital Requirements Directive (CRD5).
EIOPA published the financial stability report that provides detailed quantitative and qualitative assessment of the key risks identified for the insurance and occupational pensions sectors in the European Economic Area.
EBA published its risk dashboard for the first quarter of 2020 together with the results of the risk assessment questionnaire.
EBA announced that the next stress testing exercise is expected to be launched at the end of January 2021 and its results are to be published at the end of July 2021.
PRA published the consultation paper CP11/20 that sets out its expectations and guidance related to auditors’ work on the matching adjustment under Solvency II.
MAS published a statement guidance on dividend distribution by banks.
APRA updated its capital management guidance for banks, particularly easing restrictions around paying dividends as institutions continue to manage the disruption caused by COVID-19 pandemic.
FSB published a report that reviews the progress on data collection for macro-prudential analysis and the availability and use of macro-prudential tools in Germany.
EBA issued a statement reminding financial institutions that the transition period between EU and UK will expire on December 31, 2020; this will end the possibility for the UK-based financial institutions to offer financial services to EU customers on a cross-border basis via passporting.
SRB published guidance on operational continuity in resolution and financial market infrastructure (FMI) contingency plans.