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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PRA, via the consultation paper CP12/20, proposed changes to its rules, supervisory statements, and statements of policy to implement certain elements of the Capital Requirements Directive (CRD5).
EIOPA published the financial stability report that provides detailed quantitative and qualitative assessment of the key risks identified for the insurance and occupational pensions sectors in the European Economic Area.
EBA published its risk dashboard for the first quarter of 2020 together with the results of the risk assessment questionnaire.
EBA announced that the next stress testing exercise is expected to be launched at the end of January 2021 and its results are to be published at the end of July 2021.
PRA published the consultation paper CP11/20 that sets out its expectations and guidance related to auditors’ work on the matching adjustment under Solvency II.
MAS published a statement guidance on dividend distribution by banks.
APRA updated its capital management guidance for banks, particularly easing restrictions around paying dividends as institutions continue to manage the disruption caused by COVID-19 pandemic.
FSB published a report that reviews the progress on data collection for macro-prudential analysis and the availability and use of macro-prudential tools in Germany.
EBA issued a statement reminding financial institutions that the transition period between EU and UK will expire on December 31, 2020; this will end the possibility for the UK-based financial institutions to offer financial services to EU customers on a cross-border basis via passporting.
SRB published guidance on operational continuity in resolution and financial market infrastructure (FMI) contingency plans.