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
Previous ArticleDenis Beau of BDF on Supervisory Priorities for Climate-Change Risks
APRA updated the lists of the Direct to APRA (D2A) validation and derivation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
EC adopted a package that includes the digital finance and retail payments strategies and the legislative proposals for regulatory frameworks on crypto-assets and digital operational resilience.
ECB published an opinion (CON/2020/22) on proposals for regulations amending the securitization framework of EU, in response to the COVID-19 pandemic.
FCA is consulting on its approach to the authorization and supervision of international firms operating in UK.
MAS published amendments to Notice 637 on the risk-based capital adequacy requirements for reporting banks incorporated in Singapore.
FCA announced that it will move firms to RegData from Gabriel in the coming months in stages, based on the reporting requirements of firms.
ISDA issued a letter to regulators to flag that it now expects the supplement to the 2006 ISDA Definitions and the Interbank Offered Rate (IBOR) Fallbacks Protocol to be effective around mid- to late-January 2021.
APRA has concluded its review of the comprehensive plans of authorized deposit-taking institutions for the assessment and management of loans with repayment deferrals.
ESAs (EBA, EIOPA, and ESMA) published the first joint report that assesses risks in the financial sector since the outbreak of the COVID-19 pandemic.
BoE and HM Treasury confirmed that the COVID Corporate Financing Facility (CCFF) will close for new purchases of commercial paper, with effect from March 23, 2021.