IASB to Publish Phase 2 Benchmark Reform Taxonomy Update in December
IASB published an updated work plan and a summary of its October meeting, which presents preliminary decisions of the Board. The Board discussed next steps on proposed updates to the IFRS Taxonomy to reflect phase 2 of interest rate benchmark reform, amendments to IFRS 17 on insurance contracts, and extension of the temporary exemption from applying IFRS 9 on financial instruments. The Board expects to publish the IFRS Taxonomy Update for phase 2 of the interest rate benchmark reform in December 2020 and to publish the remaining updates as part of the annual IFRS Taxonomy in the first quarter of 2021.
At its meeting, the Board also decided to begin the post-implementation review of the IFRS 9 classification and measurement requirements, but not to begin the post-implementation review of the impairment and hedge accounting requirements of IFRS 9. As a next step, the Board will discuss a project plan for the post-implementation review of the IFRS 9 classification and measurement requirements and whether the timing of the post-implementation review of impairment and hedge accounting requirements should be considered as part of the 2020 Agenda Consultation at a future Board meeting.
Keywords: International, Accounting, Banking, Insurance, Securities, Interest Rate Benchmark, IFRS 17, IFRS 9, Hedging, Insurance Contracts, Financial Instruments, IFRS Taxonomy, IASB
Featured Experts
Masha Muzyka
CECL, IFRS 9, and IFRS 17 expert; credit risk and insurance risk specialist; strategic planning and credit analytics solutions consultant
Scott Dietz
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
Dieter Van der Stock
IFRS subject matter expert; LDTI subject matter expert; accounting authority; risk management specialist
Previous Article
GHOS Endorses Coordinated Approach to Mitigate COVID Risks for BanksRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.