IFRS Foundation published the IFRS Taxonomy for 2018, which includes updates to the IFRS Taxonomy for 2017. The 2018 Taxonomy incorporates changes resulting from the updates on Annual Improvements and on Prepayments Features with Negative Compensation (Amendments to IFRS 9)—which were also published by IFRS. The IFRS Taxonomy for 2018 also incorporates the taxonomy update for IFRS 17 Insurance Contracts, which was published in January 2018.
Overall, the IFRS Taxonomy for 2018 also includes annual improvements to the IFRS Taxonomy such as an enhanced data model for reporting related to continuing and discontinued operations; changes to better reflect disclosures in IAS 19 on employee benefits and disclosures in IFRS 7 on Financial Instruments. The IFRS Taxonomy facilitates electronic reporting of financial statements that comply with IFRS Standards. It reflects the presentation and disclosure requirements in IFRS Standards and the accompanying materials to IFRS Standards. The IFRS Taxonomy also includes elements for disclosures not specifically required by IFRS Standards that companies commonly report. Updates to the IFRS Taxonomy are released during the year to reflect changes to IFRS Standards, common reporting practice by companies that apply IFRS Standards, general improvements to the IFRS Taxonomy or technology changes.
Keywords: International, Banking, Accounting, Insurance, IFRS Taxonomy, IFRS 9, IFRS 17, IFRS
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EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.
In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.
IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.
FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.
EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.
FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.
RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.
The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.
HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.
ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).