Featured Product

    IASB Proposes Updates to IFRS Taxonomy for 2019

    October 14, 2019

    IASB proposed to update the IFRS taxonomy for 2019 in the context of the interest rate benchmark reform. The proposed update includes IFRS taxonomy elements to reflect the new disclosure requirements introduced by the amendments to IFRS 7, IFRS 9, and IAS 39. IASB issued these new disclosure requirements September 2019. IAS 39 is the old standard on financial instruments, IFRS 9 is the new standard of financial instruments, and IFRS 7 is the standard on disclosures of financial instruments. The deadline for submitting comments is December 13, 2019. The amendments apply to annual periods beginning on or after January 01, 2020. Earlier application of the amendments, and therefore earlier use of the IFRS taxonomy elements, is permitted.

    The amendments, which IASB issued in September 2019, require qualitative and quantitative disclosures to enable users of financial statements to understand how an entity’s hedging relationships are affected by the uncertainty arising from interest rate benchmark reform. IASB proposes to add six new elements to the IFRS taxonomy, as described in paragraph 3 of the proposed update. In addition, the Board proposes to add documentation labels for all the new elements and an implementation note for one new monetary element, as described in paragraphs 8–10 of the proposed update. The IFRS taxonomy files are not being provided for this proposed update because the changes are narrow in scope. However, a final IFRS taxonomy update will be released after the IASB approval.

     

    Comment Due Date: December 13, 2019

    Keywords: International, Accounting, Banking, IFRS 9, IAS 39, Financial Instruments, Disclosures, Interest Rate Benchmarks, IBOR, IFRS 7, IFRS Taxonomy, Reporting, IASB

    Featured Experts
    Related Articles

    PRA Publishes Q&A on Property Valuation Requirements Under CRR

    PRA published a set of questions and answers (Q&A) covering common queries regarding residential and commercial property valuations, for the purpose of the Capital Requirements Regulation (CRR), during the period of disruption caused by COVID-19 pandemic.

    May 29, 2020 WebPage Regulatory News
    News

    IOSCO Consults on Outsourcing Principles for Operational Resilience

    IOSCO proposed updates to its principles for regulated entities that outsource tasks to service providers.

    May 28, 2020 WebPage Regulatory News
    News

    MAS Consortium to Develop AI Fairness Metrics for Credit Scoring

    MAS announced that the first phase of the Veritas initiative will commence with the development of fairness metrics in credit risk scoring and customer marketing.

    May 28, 2020 WebPage Regulatory News

    BoE Updates Definitions for BTL Data Collection

    BoE published the Statistical Notice 2020/4 to update the buy-to-let (BTL) Phase 2 and Phase 3 definitions for the Interest Rate Type data item.

    May 28, 2020 WebPage Regulatory News
    News

    FSI Examines Financial Stability Implications of Payment Deferrals

    FSI published a brief note that examines challenges facing the banking sector as a result of the payment deferral programs put in place to support borrowers affected by the COVID-19 pandemic.

    May 28, 2020 WebPage Regulatory News
    News

    PRA Finalizes Policy on Prudent Person Principle Under Solvency II

    PRA published the policy statement PS14/20, which contains the supervisory statement SS1/20 and the feedback to responses to the consultation paper CP22/19 on expectations for investment by firms in accordance with the Prudent Person Principle, or PPP, as set out in the Investments Part of the PRA Rulebook.

    May 27, 2020 WebPage Regulatory News
    News

    EBA on Extending Large Exposure Limits for French Systemic Banks

    EBA published an opinion following the notification by the French macro-prudential authority, the Haut Conseil de Stabilité Financière (HCSF), of its intention to extend a measure introduced in 2018 on the use of Article 458(9) of the Capital Requirements Regulation (CRR).

    May 27, 2020 WebPage Regulatory News
    News

    ECB Highlights NPL Resolution as Key Policy Issue in Post-COVID Europe

    As part of a Research Bulletin on the recent policy-relevant work, ECB published an article that examines the lessons learned from past crises for nonperforming loan resolution in the post COVID-19 period.

    May 27, 2020 WebPage Regulatory News
    News

    RBNZ Publishes Financial Stability Report for May 2020

    RBNZ published the financial stability report for May 2020. This review of the financial system in the country highlights that the economic disruption associated with COVID-19 will present challenges to the financial system.

    May 27, 2020 WebPage Regulatory News
    News

    ECB Updates Guidance on Reporting of Securities Holdings Statistics

    ECB updated the guidance notes for reporting related to the statistics on holdings of securities by reporting banking groups (SHSG).

    May 26, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5231