Featured Product

    IASB Met to Discuss Next Steps in Implementation Support for IFRS 17

    October 24, 2018

    During its October meeting, IASB discussed the feedback it received from stakeholders about the new insurance contracts standard, IFRS 17. This feedback has allowed IASB and its technical staff to better understand concerns about the implementation of IFRS 17 and whether further steps, including possible standard-setting, are required.

    IASB has previously stated that it will respond to implementation challenges, if required. In the October meeting, IASB considered whether to respond to the feedback received but was not asked by staff to make decisions about whether to propose any changes to the standard. At this meeting, IASB agreed on the criteria it will use in evaluating potential changes to IFRS 17, namely that any changes should not result in less useful information for investors, disrupt existing implementation processes, and risk undue delays in the effective date of a much-needed standard, which can address inadequacies in the current wide range of insurance accounting practices.

    IASB will discuss further whether there is a need to propose changes to IFRS 17 in the coming months. It is too early to say whether these discussions will result in any proposals to change the standard. If any changes were to be proposed, IASB will follow its normal due process for standard-setting, which includes a public consultation.

    Keywords: International, Accounting, Insurance, IFRS 17, Insurance Contracts, Implementation Supports, IASB

    Featured Experts
    Related Articles
    News

    OCC Revises Minimum Threshold for Banks to Conduct Stress Tests

    OCC issued the final rule that amends its company-run stress testing requirements under the 12 CFR 46 in Code of Federal Regulations.

    October 10, 2019 WebPage Regulatory News
    News

    US Agencies Update Management Interlock Rules Under DIMIA

    US Agencies (FDIC, FED, and OCC) issued a final rule that increases the thresholds in the major assets prohibition for management interlocks for purposes of the Depository Institution Management Interlocks Act (DIMIA).

    October 10, 2019 WebPage Regulatory News
    News

    US Agencies Finalize Rules to Closely Match Bank Risk Profiles

    US Agencies (OCC, FED, and FDIC) finalized rules that tailor the regulations for domestic and foreign banks to more closely match their risk profiles.

    October 10, 2019 WebPage Regulatory News
    News

    CPMI-IOSCO and FSB on Governance Arrangements for OTC Derivatives

    CPMI and IOSCO published a report that identifies key criteria, functions, and bodies for the governance arrangements.

    October 09, 2019 WebPage Regulatory News
    News

    EIOPA Launches Field Test on Templates Under 2020 Solvency II Review

    EIOPA, as part of the 2020 Solvency II reporting and disclosure review, launched a field test on the revised and newly proposed reporting templates.

    October 09, 2019 WebPage Regulatory News
    News

    US Agencies Adopt Rule on Appraisals for Real Estate Transactions

    US Agencies (FDIC, FED, and OCC) adopted the final rule to amend regulations requiring appraisals of real estate for certain transactions

    October 08, 2019 WebPage Regulatory News
    News

    US Agencies Finalize Amendments to Simplify Volcker Rule

    US Agencies (CFTC, FDIC, FED, OCC, and SEC) finalized amendments to the regulations implementing section 13 of the Bank Holding Company Act, also known as the Volcker Rule.

    October 08, 2019 WebPage Regulatory News
    News

    EC Report Explores Application and Challenges of Blockchain Technology

    The Joint Research Center of EC published a report exploring the challenges and impact of distributed ledger technologies.

    October 08, 2019 WebPage Regulatory News
    News

    BIS and SNB Sign Agreement on Innovation Hub Center in Switzerland

    BIS and SNB signed an operational agreement on the BIS Innovation Hub Center in Switzerland.

    October 08, 2019 WebPage Regulatory News
    News

    ECB Issues Results of Sensitivity Analysis of Liquidity Risk for Banks

    ECB published results of 2019 stress test on sensitivity analysis of liquidity risk.

    October 07, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3958