IFRS Foundation published its annual report and audited financial statements for the year ended December 31, 2018. The report details the performance during the year, along with priorities of IFRS for 2019 and beyond.
The report details the key priorities for 2019, including the following:
- To publish an exposure draft on proposed amendments to IFRS 17 on insurance contracts and continue supporting implementation of IFRS 17
- To issue amendments to IFRS 9 on financial instruments and IAS 39 on recognition and measurement of financial instruments in response to IBOR reform
- To commence outreach on the core model in the dynamic risk management project
- To use online and other platforms to deliver educational materials on IFRS standards and the IFRS taxonomy
- To maintain an effective IFRS Interpretations Committee
The key achievements in 2018 include the following:
- Issued the revised conceptual framework for financial reporting
- Made progress on the better communication in financial reporting projects—Primary Financial Statements, Disclosure Initiative, and the IFRS Taxonomy
- Added a project on interbank offered rate (IBOR) reform to the work plan
- Published an update to the IFRS taxonomy on IFRS 17 on insurance contracts
- Published an updated guide for preparers on using the IFRS taxonomy
Keywords: International, Accounting, Banking, Insurance, IFRS 9, IFRS 17, Annual Report, IBOR, IFRS Taxonomy, Insurance Contracts, Financial Instruments, IASB, IFRS
APRA is consulting on the reporting standard for credit risk management (ARS 220.0).
FCA and PRA in the UK, FED in the US, and the authorities in Singapore have fined Goldman Sachs for risk management failures in connection with the 1Malaysia Development Berhad (1MDB).
ISDA launched the IBOR Fallbacks Supplement and the IBOR Fallbacks Protocol, with both becoming effective on January 25, 2021.
BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.
FCA proposed guidance on how firms should continue to seek to help customers who hold insurance and premium finance products and may be in financial difficulty because of COVID-19, after October 31, 2020.
EBA issued an opinion on prudential treatment of the legacy instruments as the grandfathering period nears an end on December 31, 2021.
ESRB published the fifth issue of the EU Non-bank Financial Intermediation Risk Monitor 2020 (NBFI Monitor).
HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.
APRA announced that it has increased the minimum liquidity requirement of Bendigo and Adelaide Bank for failing to comply with the prudential standard on liquidity.
Ambassadors of EU member states agreed on the mandate of European Council on the Capital Markets Recovery Package, to support economic recovery from the COVID-19 crisis.