IFRS Foundation published a document summarizing work of IASB on the research project on principles of disclosure under the Disclosure Initiative. The document summarizes the research performed by IASB—including feedback received on the March 2017 discussion paper titled “Disclosure Initiative—Principles of Disclosure”—and the conclusions reached in light of that research.
The research project showed that the different activities considered in the discussion paper could be of benefit to some stakeholders. However, respondents asked IASB to identify the activities that would be most effective in helping to address the disclosure problem and narrow the focus of the project accordingly. Almost all respondents to the discussion paper said that the way disclosure requirements are developed and drafted in the IFRS standards is one contributor to the disclosure problem.
From March to July 2018, IASB reviewed the findings of the project and feedback from stakeholders. After reviewing the evidence gathered, IASB decided that improving the way disclosure requirements are developed and drafted in the IFRS standards is the most effective way it can help to address the disclosure problem. Consequently, IASB decided to prioritize its Targeted Standards Level Review of Disclosures project. IASB also decided to address research findings about accounting policy disclosures, the implications of technology on financial reporting, and the use of performance measures in financial statements. However, IASB has decided not to pursue the remaining topics in the discussion paper at this time.
Keywords: International, Accounting, Disclosure Initiative, Financial Statements, Reporting, Disclosures, IASB, IFRS
FED proposed three-year extension, without revision, of the information collection FR 4202, titled "Recordkeeping Provisions Associated with Stress Testing Guidance."
FCA updated the draft guidance for firms to ensure that mortgage customers whose homes may be repossessed are treated fairly and appropriately, particularly where there are risks of harm to customers who are vulnerable as a result of the COVID-19 pandemic.
FCA issued a statement on the cessation or loss of representativeness of the 35 LIBOR benchmark settings published by ICE Benchmark Administration or IBA.
EBA published a package that includes the final draft implementing technical standards on supervisory reporting and disclosures of investment firms.
BIS published a paper that provides an overview on the use of big data and machine learning in the central bank community.
APRA finalized the reporting standard ARS 115.0 on capital adequacy with respect to the standardized measurement approach to operational risk for authorized deposit-taking institutions in Australia.
ECB published a guide that outlines the principles and methods for calculating the penalties for regulatory breaches of prudential requirements by banks.
MAS and The Association of Banks in Singapore (ABS) jointly issued a paper that sets out good practices for the management of operational and other risks stemming from new work arrangements adopted by financial institutions amid the COVID-19 pandemic.
ACPR announced that a new data collection application, called DLPP (Datalake for Prudential), for collecting banking and insurance prudential data will go into production on April 12, 2021.
BCB announced that the Financial Stability Committee decided to maintain the countercyclical capital buffer (CCyB) for Brazil at 0%, at least until the end of 2021.