IASB published the updated work plan, along with the updates on its June meeting and on its joint meeting with the FASB, which was held on June 19, 2018.
The updated on the IASB meeting highlights preliminary decisions of the Board. The key topics discussed at the June meeting included disclosure initiative, dynamic risk management, proposal for a research project on interbank offered rate (IBOR) reform and its effects on financial reporting, primary financial statements, possible minor changes to IFRS 17 on insurance contracts, and research project on business combinations under common control. IASB also received an update on the meeting of the Islamic Finance Consultative Group, which was held in March 2018.
Additionally, FASB met with IASB for an educational session. The key topics discussed at the IASB-FASB joint meeting included segment reporting; primary financial statements; how disclosure requirements are developed and drafted; and the use of disclosure objectives, fair value measurement, goodwill and impairment, and respective activities supporting implementation of the new revenue recognition standards and leases standards. IASB's recently issued conceptual framework for financial reporting, along with the FASB conceptual framework project, was also discussed during the joint meeting.
Keywords: International, Accounting, Insurance, Work Plan, IFRS 17, Disclosure Requirements, FASB, IASB
ECB finalized the guide on assessment methodology for the internal model method for calculating exposure to counterparty credit risk (CCR) and the advanced method for own funds requirements for credit valuation adjustment (A-CVA) risk.
EBA published an Opinion addressed to EC to raise awareness about the opportunity to clarify certain issues related to the definition of credit institution in the upcoming review of the Capital Requirements Directive and Regulation (CRD and CRR).
APRA is consulting on updates to ARS 210.0, the reporting standard that sets out requirements for provision of information on liquidity and funding of an authorized deposit-taking institution.
FED released hypothetical scenarios for a second round of stress tests for banks.
PRA published updates in relation to the 2021 Supervisory Benchmarking Portfolio exercise.
FED adopted a proposal to extend for three years, with revision, the capital assessments and stress testing reports (FR Y-14A/Q/M; OMB No. 7100-0341).
HKMA revised the Supervisory Policy Manual module CR-G-14 on margin and other risk mitigation standards for non-centrally cleared over-the-counter (OTC) derivatives transactions.
EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.
EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).
NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.