IASB Issues Updates of Meetings for March 2019
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
Featured Experts
Masha Muzyka
CECL, IFRS 9, and IFRS 17 expert; credit risk and insurance risk specialist; strategic planning and credit analytics solutions consultant
Dieter Van der Stock
IFRS subject matter expert; accounting authority; risk management specialist
Gavin Conn
Experienced life actuary; background in economic capital modeling; ALM specialist; IFRS 17 researcher
Previous Article
EBA Single Rulebook Q&A: Third Update for March 2019Related Articles
APRA Updates Validation and Derivation Rules in September 2020
APRA updated the lists of the Direct to APRA (D2A) validation and derivation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
EC Proposes Frameworks for Crypto-Assets and Operational Resilience
EC adopted a package that includes the digital finance and retail payments strategies and the legislative proposals for regulatory frameworks on crypto-assets and digital operational resilience.
ECB Publishes Opinion on Proposals to Amend Securitization Framework
ECB published an opinion (CON/2020/22) on proposals for regulations amending the securitization framework of EU, in response to the COVID-19 pandemic.
FCA Consults on Regulation of International Firms in UK
FCA is consulting on its approach to the authorization and supervision of international firms operating in UK.
MAS Amends Notice on Capital Adequacy Requirements of Banks
MAS published amendments to Notice 637 on the risk-based capital adequacy requirements for reporting banks incorporated in Singapore.
FCA to Begin to Move Firms to New Data Collection Platform RegData
FCA announced that it will move firms to RegData from Gabriel in the coming months in stages, based on the reporting requirements of firms.
ISDA Expects IBOR Fallbacks to be Effective by End of January 2021
ISDA issued a letter to regulators to flag that it now expects the supplement to the 2006 ISDA Definitions and the Interbank Offered Rate (IBOR) Fallbacks Protocol to be effective around mid- to late-January 2021.
APRA Reviews Repayment Deferral Plans, Identifies Best Practices
APRA has concluded its review of the comprehensive plans of authorized deposit-taking institutions for the assessment and management of loans with repayment deferrals.
ESAs Assess Risks to Financial Sector After COVID-19 Outbreak
ESAs (EBA, EIOPA, and ESMA) published the first joint report that assesses risks in the financial sector since the outbreak of the COVID-19 pandemic.
BoE Confirms Withdrawal of COVID Corporate Financing Facility
BoE and HM Treasury confirmed that the COVID Corporate Financing Facility (CCFF) will close for new purchases of commercial paper, with effect from March 23, 2021.
