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
MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.
PRA published a public working draft, or PWD, of version 1.2.0 of the BoE Insurance XBRL taxonomy, along with the related technical artefacts.
CPMI published a report that sets out nineteen building blocks for a global roadmap to improve cross-border payments.
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.
EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.
ESMA published the final report on the guidelines on securitization repository data completeness and consistency thresholds.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.