Featured Product

    IASB Issues Updates of Meetings for April 2019

    April 12, 2019

    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

    Featured Experts
    Related Articles

    FINMA Approves Merger of Credit Suisse and UBS

    The Swiss Financial Market Supervisory Authority (FINMA) has approved the takeover of Credit Suisse by UBS.

    March 21, 2023 WebPage Regulatory News

    BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks

    The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.

    March 13, 2023 WebPage Regulatory News

    OSFI Finalizes on Climate Risk Guideline, Issues Other Updates

    The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.

    March 12, 2023 WebPage Regulatory News

    APRA Assesses Macro-Prudential Policy Settings, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) published an information paper that assesses its macro-prudential policy settings aimed at promoting stability at a systemic level.

    March 07, 2023 WebPage Regulatory News

    BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending

    BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.

    March 03, 2023 WebPage Regulatory News

    HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks

    The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.

    March 02, 2023 WebPage Regulatory News

    MFSA Sets Out Supervisory Priorities, Issues Reporting Updates

    The Malta Financial Services Authority (MFSA) outlined its supervisory priorities for 2023

    March 02, 2023 WebPage Regulatory News

    German Regulators Issue Multiple Reporting Updates for Banks

    Deutsche Bundesbank published the nationally deactivated validation rules for the German Commercial Code (HGB) users on the taxonomy 3.2, which became valid from December 31, 2022

    March 02, 2023 WebPage Regulatory News

    BCBS Report Examines Impact of Basel III Framework for Banks

    The Basel Committee on Banking Supervision (BCBS) published results of the Basel III monitoring exercise based on the June 30, 2022 data.

    February 28, 2023 WebPage Regulatory News

    PRA Consults on Prudential Rules for "Simpler-Regime" Firms

    Among the recent regulatory updates from UK authorities, a key development is the first-phase consultation, from the Prudential Regulation Authority (PRA), on simplifications to the prudential framework that would apply to the simpler-regime firms.

    February 28, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8806