Featured Product

    OSFI Revises Guideline on IFRS 9

    April 04, 2022

    The Office of the Superintendent of Financial Institutions (OSFI) revised the guideline on the Financial Instruments and Disclosures standard IFRS 9, with the revised guideline coming into effect on January 01, 2023.

    The revised IFRS 9 guideline is relevant for federally regulated entities, including banks, that apply the IFRS 9 standard. The guideline reflects updated references and terminology to ensure consistency with IFRS 17, especially relating to IFRS 9 section 3.2 (Annual Disclosures for Property & Casualty Insurers). The revised guideline is divided into chapters addressing the expectations on Fair Value Options, Impairments, and Disclosures. OSFI has determined that a number of current guidelines will no longer be necessary or relevant after the adoption of IFRS 17 and IFRS 9 by all federally regulated insurers. Such guidelines will be rescinded in December 2023. Hence, the revised guideline will replace the following guidelines that were in effect under IAS 39:

    • C-1 Impairment—Sound Credit Risk Assessment and Valuation of Financial Instruments at Amortized Cost
    • C-5 Collective Allowance—Sound Credit Risk Assessment and Valuation Practices for Financial Instruments at Amortized Cost
    • D-1, D-1A, D-1B Annual Disclosures (DTI, Life and P&C, respectively)
    • D-6 Derivatives Disclosures
    • D-10 Accounting for Financial Instruments Designated as Fair Value Option


    Related Links


    Keywords: Americas, Canada, Insurance, Banking, Accounting, Credit Risk, IFRS 9, IFRS 17, Disclosures, Financial Instruments, ECL, OSFI

    Featured Experts
    Related Articles

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News

    FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates

    The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.

    December 20, 2022 WebPage Regulatory News

    FSB Reports Assess NBFI Sector and Progress on LIBOR Transition

    The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.

    December 20, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8697