IASB published an updated work plan, along with the update of its meeting in March 2019. The update on the IASB meeting highlights preliminary decisions of the Board. Additionally, a summary of the decisions reached by IFRS Interpretations Committee (IFRIC) in its meeting in March 2019 has been published.
The key topics discussed at the IASB meeting on March 12-14 included a comprehensive review of the IFRS for SMEs standard, Financial Instruments with Characteristics of Equity, amendments to IFRS 17 on insurance contracts, the disclosure initiative, and the IBOR reform and its effects on financial reporting.
In addition, the IFRS Interpretations Committee met in London on March 05-06, 2019 and the key topics discussed at its meeting include the following:
- Holdings of cryptocurrencies
- Subsurface rights (IFRS 16 on leases)
- Application of the highly probable requirement when a specific derivative is designated as a hedging instrument (IFRS 9 on financial instruments and IAS 39 on Financial instruments: Recognition and Measurement)
- Physical settlement of contracts to buy or sell a non-financial item (IFRS 9)
- Credit enhancement in the measurement of expected credit losses (IFRS 9)
- Curing of a credit-impaired financial asset (IFRS 9)
Keywords: International, Banking, Insurance, Accounting, IFRS 17, IBOR, Work Plan, IFRS 9, Insurance Contracts, Cryptocurrencies, IFRS 16, Leases, IFRIC, IASB
Previous ArticleEBA Single Rulebook Q&A: Third Update for March 2019
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.
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.
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.
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).