General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
November 09, 2017

EC published Regulations (EU) 2017/1986 to 1990, which adopt certain international accounting standards in accordance with Regulation (EC) No 1606/2002 with regard to the International Financial Reporting Standards (IFRS) 16, 15, and 4, along with the International Accounting Standards (IAS) 12 and 7. EU Regulations 2017/1986 to 1990 amend the Regulation No 1126/2008. The Commission Regulations (EU) 2017/1986 to 1988 and (EU) 2017/1990 shall enter into force on the twentieth day following that of their publication in the Official Journal of the European Union. The Regulation (EU) 2017/1989 shall enter into force on the third day following that of its publication in the Official Journal of the European Union.

The measures provided for in these regulations are in accordance with the opinion of the Accounting Regulatory Committee and these cover the following:

  • Adoption of IFRS 16: Leases, by IASB, implied consequential amendments to certain standards or interpretation of standards. The consultation with the European Financial Reporting Advisory Group confirms that IFRS 16 meets the criteria for adoption set out in Article 3(2) of Regulation (EC) No 1606/2002. Regulation (EC) No 1126/2008 should therefore be amended accordingly in terms of IFRS 16.
  • Amendments published by IASB related to IFRS 15: Revenue from Contracts with Customers aim to clarify some requirements and provide additional transitional relief for companies that are implementing the standard. The consultation with the European Financial Reporting Advisory Group confirms that the amendments to IFRS 15 meet the criteria for adoption set out in Article 3(2) of Regulation (EC) No 1606/2002. Regulation (EC) No 1126/2008 should therefore be amended accordingly.
  • On September 12, 2016, IASB published amendments to IFRS 4: Insurance Contracts, applying IFRS 9: Financial Instruments with IFRS 4. The amendments to IFRS 4 aim to address the temporary accounting consequences of the different effective dates of IFRS 9 and the new standard for insurance contracts replacing IFRS 4 (IFRS 17). Regulation (EC) No 1126/2008 should therefore be amended accordingly. Amendments to IFRS 4 include amendments to Paragraph 3 and Paragraph 5. New headings have been added for Paragraphs 20, 20K, and 20N. New paragraphs 20A–20Q, 35A–35N, 39B–39M, and 46–49 have been added. Additionally, new headings have been added for Paragraphs 35A, 35K, 35M, 39A, 39J, 45, and 47.
  • On January 19, 2016, IASB published amendments to IAS 12: Income Taxes, which aim to clarify how to account for deferred tax assets related to debt instruments measured at fair value. The consultation with the European Financial Reporting Advisory Group confirms that the amendments to IAS 12 meet the criteria for adoption set out in Article 3(2) of Regulation (EC) No 1606/2002. Regulation (EC) No 1126/2008 should therefore be amended accordingly. Amendments to IAS 12 include amendments to Paragraph 29 and addition of paragraphs 27A, 29A, and 98G.
  • On January 29, 2016, IASB published amendments to IAS 7: Statement of Cash Flows, which are intended to clarify IAS 7 to improve information provided to users of financial statements about an entity's financing activities. The consultation with the European Financial Reporting Advisory Group confirms that the amendments to IAS 7 meet the criteria for adoption set out in Article 3(2) of Regulation (EC) No 1606/2002. Regulation (EC) No 1126/2008 should therefore be amended accordingly. Amendments to IAS 7 include addition of Paragraphs 44A–44E and the related heading. Paragraph 60 was also added.

 

Related Links (in PDF)

Effective Date: November 29, 2017, except November 12, 2017 for Regulation 2017/1989

Keywords: Europe, EU, Banking, Insurance, Accounting, IFRS 16, IFRS 15, IFRS 4, IFRS 9, IAS 12, IAS 7, EC

Related Insights
News

BCBS Finds Liquidity Risk Management Principles Remain Fit for Purpose

BCBS completed a review of its 2008 Principles for sound liquidity risk management and supervision. The review confirmed that the principles remain fit for purpose.

January 17, 2019 WebPage Regulatory News
News

MAS Guidelines on Risk Mitigation Requirements for OTC Derivatives

MAS published guidelines on risk mitigation requirements for non-centrally cleared over-the-counter (OTC) derivatives contracts.

January 17, 2019 WebPage Regulatory News
News

HKMA Urges Local Banks to Start Working on FRTB Implementation

HKMA announced that it plans to issue a consultation paper on the new market risk standard in the second quarter of 2019.

January 17, 2019 WebPage Regulatory News
News

EBA Finalizes Guidelines for High-Risk Exposures Under CRR

EBA published the final guidelines on the specification of types of exposures to be associated with high risk under the Capital Requirements Regulation (CRR). The guidelines are intended to facilitate a higher degree of comparability in terms of the current practices in identifying high-risk exposures.

January 17, 2019 WebPage Regulatory News
News

BoE Publishes the Schedule for Statistical Reporting for 2019

BoE published the updated schedule for statistical reporting for 2019. The reporting institutions use the online statistical data application (OSCA) to submit statistical data to BoE.

January 16, 2019 WebPage Regulatory News
News

PRA Delays Final Direction on Reporting of Private Securitizations

PRA and FCA have delayed the issuance of final direction, including the final template, on reporting of private securitizations, from January 15, 2019 to the end of January 2019.

January 15, 2019 WebPage Regulatory News
News

SNB Updates Forms on Supervisory Reporting for Banks

SNB published Version 1.7 of reporting forms (AUR_U, AUR_UEA, AUR_UES, AURH_U, AUR_K, AUR_KEA, and AURH_K) and the related documentation for supervisory reporting on an individual and consolidated basis.

January 15, 2019 WebPage Regulatory News
News

BCBS Finalizes Market Risk Capital Framework and Work Program for 2019

BCBS published the final framework for market risk capital requirements and its work program for 2019. Also published was an explanatory note to provide a non-technical description of the overall market risk framework, the changes that have been incorporated into in this version of the framework and impact of the framework.

January 14, 2019 WebPage Regulatory News
News

EBA Single Rulebook Q&A: First Update for January 2019

EBA published answers to 13 questions under the Single Rulebook question and answer (Q&A) updates for this week.

January 11, 2019 WebPage Regulatory News
News

PRA Proposes to Amend Supervisory Statement on Credit Risk Mitigation

PRA published the consultation paper CP1/19 that is proposing changes to the supervisory statement (SS17/13) on credit risk mitigation.

January 10, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2473