APRA released a response to the submissions paper to the consultation on proposed changes to the Economic and Financial Statistics (EFS) data collection. APRA had received 29 submissions to the consultation. APRA also published the revised “Reporting Standard ARS 701.0 ABS/RBA Definitions” and “Reporting Guidance ABS/RBA Reporting Concepts for the EFS Collection." APRA, Australian Bureau of Statistics (ABS), and Reserve Bank of Australia (RBA) are now consulting on the revised version of the data quality framework for the EFS collection. Written submissions should be sent by October 18, 2017.
APRA, ABS, and RBA had, on January 18, 2017, proposed to modernize the data collection renamed as the EFS collection. The proposal included implementation of updated and new forms in three phases. The response paper sets out the main themes of the submissions received and details both the agencies’ responses to the feedback and the considerations involved in reaching these responses. The main themes raised are related to implementation, data quality, and data concepts.
Comment Due Date: October 18, 2017
Keywords: Asia Pacific, Australia, Banking, Statistics, Data Collection, EFS Collection, APRA
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).
EBA published a statement on resolution planning in light of the COVID-19 pandemic.
BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework
ECB published a guideline (2020/97), in the Official Journal of European Union, on the definition of materiality threshold for credit obligations past due for less significant institutions.
FED temporarily revised the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes in response to the COVID-19 pandemic.