OJK issued guidelines for accounting treatment of the application of Statement of Financial Accounting Standards (PSAK) 71 on financial instruments and PSAK 68 on fair value measurement. OJK has requested banks to comply with and implement OJK Regulation No. 11/POJK.03/2020 and to proactively identify debtors that have been affected by the COVID-19 outbreak. OJK had published this regulation in March 2020 and the regulation covers economic policy for debtors to support the performance and growth of debtors, including micro, small, and medium enterprises debtors, impacted by the COVID-19 pandemic. The regulation consists of policies related to asset quality determination and credit or "financing" restructuring.
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Keywords: Asia Pacific, Indonesia, Banking, COVID-19, IFRS 9, PSAK-71, Financial Instruments, Accounting, SME, OJK
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The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
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.
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.
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.
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.
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
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.
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.
The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.
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.