Featured Product

    IASB Publishes Work Plan and Meeting Updates for June 2019

    June 21, 2019

    IASB published an updated work plan and a summary of its June meeting, which presents preliminary decisions of the Board. The topics discussed at the June meeting included primary financial statements, rate-regulated activities, goodwill and impairment, small and medium-size entities (SMEs) standard review and update (covering IFRS 9 and 16), and financial instruments with characteristics of equity.

    IASB discussed the 2019 comprehensive review of the IFRS for SMEs Standard. In particular, IASB discussed whether the Request for Information to be published as part of the 2019 Review should seek views on whether and how to align the IFRS for SMEs Standard with standards and amendments not incorporated in the IFRS for SMEs Standard. IASB decided to seek views in the Request for Information on aligning the IFRS for SMEs Standard with IFRS 9, in particular, on:

    • Introducing principles for the classification and measurement of financial assets based on contractual cash flows 
    • Not amending the requirements of the IFRS for SMEs Standard in certain areas
    • The need for requirements on hedge accounting for entities applying the IFRS for SMEs Standard and, subject to clarifying those needs, on retaining the current requirements for hedge accounting in Section 12
    • Aligning the IFRS for SMEs Standard with the simplified approach in IFRS 9 for the impairment of financial assets
    • Changing the fallback to IAS 39 on recognition and measurement of financial instruments to fallback to IFRS 9, if the requirements of the IFRS for SMEs Standard are aligned with IFRS 9 

    Additionally, IASB decided to seek views in the Request for Information on aligning the IFRS for SMEs Standard with IFRS 16 on leases and, in particular, on:

    • Requiring a single lease accounting model to be applied to all leases, other than short-term or low-value asset leases
    • Incorporating simplifications and practical expedients already permitted by IFRS 16
    • Introducing additional simplifications

    Keywords: International, Accounting, Banking, Work Plan, IFRS 16, IFRS 9, Financial Instruments, Hedging, Leases, IAS 39, IASB

    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

    EIOPA Examines Physical Climate Risk Exposure, SII Non-Compliance

    The European Insurance and Occupational Pensions Authority (EIOPA) published a report assessing insurers' exposure to physical climate change risks

    May 20, 2022 WebPage Regulatory News
    News

    NGFS Report Explores Quantification of Climate Risk Differentials

    The Network for Greening the Financial System (NGFS) published two reports to aid central banks and regulators in their oversight of the financial sector and in their central bank operations

    May 19, 2022 WebPage Regulatory News
    News

    EC Publishes Results on Review of Web Accessibility Directive

    The European Commission (EC) published the results of a public consultation, held in October 2021, on the review of the Web Accessibility Directive.

    May 19, 2022 WebPage Regulatory News
    News

    MAS Consults on Adjustment Spreads for Conversion of SOR Contracts

    The Monetary Authority of Singapore (MAS) and the SC-STS are jointly consulting, until June 10, 2022, on setting adjustment spreads for the conversion of legacy SOR contracts to SORA reference rate.

    May 18, 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
    RESULTS 1 - 10 OF 8206