IASB Issues Work Plan and Meeting Updates for May 2019
IASB published an updated work plan, along with the update of its meeting in May 2019. The update on the IASB meeting highlights preliminary decisions of the Board.
At the meeting, IASB received an update on the Transition Resource Group for IFRS 17 on Insurance Contracts (TRG) meeting, which was held in April 2019. IASB discussed technical issues to be considered before finalizing the exposure draft of proposed amendments to IFRS 17. The staff expects that exposure draft will be published at the end of June 2019 with a comment period of 90 days. Other key topics discussed at the May meeting included implementation matters, primary financial statements, review of the IFRS for small and medium-size entities (SMEs) standard, rate-regulated activities, and goodwill and impairment.
Keywords: International, Insurance, Accounting, IFRS 17, Work Plan, Insurance Contracts, Transition Resource Group, IASB
Featured Experts

Gavin Conn
Experienced life actuary; background in economic capital modeling; ALM specialist; IFRS 17 researcher

David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings

Cassandra Hannibal
Life insurance actuary; risk management and economic capital specialist
Previous Article
MAS to Consolidate Regulation of Merchant Banks Under Banking ActRelated Articles
BIS Innovation Hub Sets Out Work Program for 2021
BIS Innovation Hub published the work program for 2021, with focus on suptech and regtech, next-generation financial market infrastructure, central bank digital currencies, open finance, green finance, and cyber security.
EC Plans to Consult on Crisis Management and EDIS Framework Revisions
In an article published by SRB, Mairead McGuinness, the European Commissioner for Financial Services, Financial Stability, and Capital Markets Union, discussed the progress and next steps toward completion of the Banking Union.
EBA Finalizes Remuneration Standards for Investment Firms in EU
EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).
ECA Recommends Actions to Enhance Resolution Planning for Banks
EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.
BoE Publishes Key Elements of the 2021 Stress Testing for Banks in UK
BoE published a scenario against which it will be stress testing banks in 2021, in addition to setting out the key elements of the 2021 stress test, guidance on the 2021 stress test, and the variable paths for the 2021 stress test.
PRA Proposes Rules on Identity Verification of Depositor Protection
PRA published a consultation paper (CP3/21) proposes rules regarding the timing of identity verification required for eligibility of depositor protection under the Financial Services Compensation Scheme (FSCS).
FSB Publishes Work Program for 2021
FSB published the work program for 2021, which reflects a strategic shift in priorities in the COVID-19 environment.
FCA Issues Update on Move to New Data Collection Platform
FCA announced that 50% firms have started using the new data collection platform RegData, which is slated to replace the existing platform known Gabriel.
Bundesbank Publishes Derivation Rules for Reporting by Banks
Bundesbank published Version 5.0 of the derivation rules for completeness check at the form level, with respect to the data quality of the European harmonized reporting system.
FED Revises Capital Planning and Stress Testing Requirements for Banks
FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.