IASB published an updated work plan, along with the update of its meeting in April 2019. The update on the IASB meeting highlights preliminary decisions of the Board. Additionally, a summary of the meeting held by Transition Resource Group for IFRS 17 on insurance contracts (TRG) in April 2019 has been published. One of the key developments is the announcement that an exposure draft of certain proposed amendments to IFRS 17 is expected to be published at the end of June 2019.
The key topics discussed at the IASB meeting on April 09-11 included accounting policies and accounting estimates (in relation to amendments to IAS 8), implementation matters, disclosure initiative related to accounting policies, update on research program, primary financial statements, goodwill and impairment, dynamic risk management, and amendments to IFRS 17 on insurance contracts. It is expected that the exposure draft of proposed amendments to IFRS 17 will be published at the end of June 2019.
In addition, the Transition Resource Group for IFRS 17 had met in London on April 04, 2019. TRG members discussed investment components within an insurance contract and received a report on other questions submitted. From February 2018 to April 2019, there have been four TRG meetings covering all 127 IFRS 17 submissions received up to April 2019. The discussions at the TRG meetings are based on the agenda papers that provide an accounting analysis of implementation questions submitted to the TRG. These agenda papers provide a basis for TRG members, as industry experts involved in IFRS 17 implementation, to understand the implementation questions raised and share their views on the accounting analysis. Although the analysis in an agenda paper may be relevant to other fact patterns, all relevant facts and circumstances of a particular fact pattern need to be evaluated when applying IFRS 17. IASB also made available a podcast covering the TRG meeting and the April 2019 IASB meeting about IFRS 17 recorded by Board member Darrel Scott and technical staff member Andrea Pryde.
Keywords: International, Accounting, Banking, Insurance, IFRS 17, Work Plan, Insurance Contracts, Transition Resource Group, IASB
Previous ArticleEBA Welcomes ECA Recommendations for Improving Stress Tests in EU
OSFI has set out the near-term priorities for federally regulated financial institutions and federally regulated private pension plans for the coming months until March 31, 2022.
Under the Italian G20 Presidency, BIS Innovation Hub and the Italian central bank BDI launched the second edition of the G20 TechSprint on the lookout for innovative solutions to resolve operational problems in green and sustainable finance.
EBA proposed the regulatory technical standards on a central database on anti-money laundering and countering the financing of terrorism (AML/CFT) in EU.
ECB published its response to the targeted EC consultation on the review of the bank crisis management and deposit insurance framework in EU.
ACPR published Version 1.0.0 of the RUBA taxonomy, which will come into force from the decree of January 31, 2022.
BCBS, CPMI, and IOSCO (the Committees) are inviting entities that participate in market infrastructures and securities markets through an intermediary as well as non-bank intermediaries to complete voluntary surveys on the use of margin calls.
ECB published Decision 2021/752 to amend Decision 2019/1311 on the third series of targeted longer-term refinancing operations or TLTRO III.
The Central Bank of Ireland published Version 2.7 of the draft credit data template and rules for monthly AnaCredit reporting by banks.
OSFI proposed revisions to the Basel Capital Adequacy Reporting (BCAR) and leverage requirements returns for the 2023 reporting, with the comment period ending on July 09, 2021.
EBA published a discussion paper on review of the standardized nonperforming loans (NPL) transaction data templates, along with the proposed revised NPL data templates.