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
PRA published a set of questions and answers (Q&A) covering common queries regarding residential and commercial property valuations, for the purpose of the Capital Requirements Regulation (CRR), during the period of disruption caused by COVID-19 pandemic.
EBA published guidelines on loan origination and monitoring, which bring together prudential standards and consumer protection obligations, along with the anti-money laundering and the Environmental, Social, and Governance (ESG) considerations.
EBA published a consultation paper on the draft amended regulatory technical standards on own funds and eligible liabilities.
EBA published a report on convergence of supervisory practices in 2019.
IOSCO proposed updates to its principles for regulated entities that outsource tasks to service providers.
MAS announced that the first phase of the Veritas initiative will commence with the development of fairness metrics in credit risk scoring and customer marketing.
BoE published the Statistical Notice 2020/4 to update the buy-to-let (BTL) Phase 2 and Phase 3 definitions for the Interest Rate Type data item.
FSI published a brief note that examines challenges facing the banking sector as a result of the payment deferral programs put in place to support borrowers affected by the COVID-19 pandemic.
RBNZ published the financial stability report for May 2020. This review of the financial system in the country highlights that the economic disruption associated with COVID-19 will present challenges to the financial system.
PRA published the policy statement PS14/20, which contains the supervisory statement SS1/20 and the feedback to responses to the consultation paper CP22/19 on expectations for investment by firms in accordance with the Prudent Person Principle, or PPP, as set out in the Investments Part of the PRA Rulebook.