IASB published a summary of the meeting of Accounting Standards Advisory Forum (ASAF), along with the meeting papers and recordings. The meeting was held during April 01, 2019 to April 02, 2019 at the IFRS Foundation office in London. The key topics discussed at the April meeting included accounting treatment of initial coin offerings and tokens in France, amendments to IFRS 17 on insurance contracts, materiality judgments to reporting climate related and other emerging risk issues on financial statements, disclosure initiative, and improving the impairment testing model in IAS 36 on impairment of assets.
One of the objectives of the meeting was to gather views of the ASAF members on the tentative decisions of IASB on possible amendments to IFRS 17. The staff had provided an update on the tentative decisions the IASB made at its March 2019 meeting. The topics related to the tentative decisions include loans that transfer insurance risk, acquisition cash flows for renewals, profit allocation for some contracts, risk mitigation option, balance sheet presentation, transition, and level of aggregation.
Keywords: International, Accounting, Insurance, IFRS 17, Insurance Contracts, ASAF, IASB
EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.
MAS amended Notice 643A that addresses requirements for banks to prepare statements of exposures and credit facilities to related concerns or parties.
ECB has published, in the Official Journal of the European Union, the Guideline 2021/565 on the euro short-term rate (€STR) and this guideline amends the previous ECB Guideline 2019/1265.
EBA launched a consultation on the draft regulatory technical standards on the list of countries with an advanced economy for calculating the equity risk under the alternative standardized approach (FRTB-SA).
PRA is proposing, via CP7/21, the approach to implementing new requirements related to the specification of the nature, severity, and duration of an economic downturn in the internal ratings-based (IRB) approach to credit risk.
The UK government launched the Recovery Loan Scheme (RLS) as part of its continued COVID-19 support for UK businesses, as announced by HM Treasury on March 03, 2021.
FSB published a letter, from its Chair Randal K. Quarles, to the G20 Finance Ministers and Central Bank Governors, ahead of their virtual meeting on April 07, 2021.
OSFI issued a letter to the deposit-taking institutions issuing covered bonds and announced the unwinding of the temporary increase to the covered bond limit for deposit-taking institutions, effective immediately.
To support recovery from the COVID-19 crisis, EU has published two regulations to amend the securitization framework, as set out in the Securitization Regulation (2017/2402) and the Capital Requirements Regulation or CRR (575/2013).
HM Treasury announced that G7 Finance Ministers and Central Bank Governors met ahead of COP 26, the 2021 UN Climate Change Conference, and agreed on green agenda.