IASB published the exposure draft ED 2019/2 that proposes amendments to four IFRS standards, including IFRS 9 on Financial Instruments and IFRS 16 on Leases. This consultation is a part of the annual maintenance and improvements of the standards. Comments period on this consultation ends on August 20, 2019.
The draft includes a section for each IFRS standard or accompanying document for which an amendment is proposed. Each section includes an explanation of the proposed amendment, the paragraphs affected by the proposed amendment, and the basis for the Board’s conclusions in proposing the amendment. The proposed amendments to IFRS 9 clarifies the fees a company includes in assessing the terms of a new or modified financial liability to determine whether to "derecognize" a financial liability. The amendment to IFRS 16 removes the potential for confusion regarding lease incentives by amending an Illustrative Example accompanying IFRS 16.
The annual improvements process provides a mechanism for dealing efficiently with a collection of minor amendments to IFRS standards. The process is limited to changes that either clarify the wording in an IFRS standard or correct relatively minor unintended consequences, oversights, or conflicts between requirements in the standards.
Comment Due Date: August 20, 2019
Keywords: International, Banking, IFRS 9, IFRS 16, IFRS, Financial Instruments, Leases, IASB
Across 35 years in banking, Blake has gained deep insights into the inner working of this sector. Over the last two decades, Blake has been an Operating Committee member, leading teams and executing strategies in Credit and Enterprise Risk as well as Line of Business. His focus over this time has been primarily Commercial/Corporate with particular emphasis on CRE. Blake has spent most of his career with large and mid-size banks. Blake joined Moody’s Analytics in 2021 after leading the transformation of the credit approval and reporting process at a $25 billion bank.
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