Featured Product

    IASB Publishes Meeting Updates for August 2019

    August 29, 2019

    IASB published a summary of its August meeting presenting the preliminary decisions of the Board. IASB met on August 28, 2019 to discuss certain identified issues and reviewed the feedback that was received on the exposure draft on interest rate benchmark reform at the July 2019 Board meeting. IASB also discussed specifics regarding the permission for balloting amendments to the new and old standards on financial instruments—IFRS 9 and IAS 39.

    The key tentative decisions include the following:

    • The scope of the exceptions proposed in the exposure draft should be clarified so the exceptions apply only to the hedging relationships directly affected by uncertainties about the timing or amount of interest rate benchmark-based cash flows of the hedged item or hedging instrument arising from the reform.
    • Entities should be exempt from the disclosure requirements in paragraph 28(f) of IAS 8 on "Accounting Policies, Changes in Accounting Estimates and Errors," on the initial application of the amendments. The disclosure requirements accompanying the exceptions proposed in the exposure draft should also be simplified so that only certain specific information is required in the notes to the financial statements for hedging relationships directly affected by interest rate benchmark reform. This includes information regarding description of the significant interest rate benchmarks to which the entity’s hedging relationships are exposed and an explanation of how the entity is managing its transition to using an alternative interest rate benchmark.

    IASB agreed that the amendments to IFRS 9 and IAS 39 should not be re-exposed. All Board members confirmed they were satisfied the Board has complied with the applicable due process and has undertaken sufficient consultation and analysis to begin the balloting process for the amendments to IFRS 9 and IAS 39.

    Keywords: International, Accounting, Banking, Securities, IBOR, Interest Rate Benchmarks, Financial Instruments, IFRS 9, IAS 39, Disclosure Requirements, Hedging, IASB

    Featured Experts
    Related Articles
    News

    APRA Decides to Standardize Submission Date for Quarterly Reporting

    APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.

    May 11, 2021 WebPage Regulatory News
    News

    ECB Working Group Publishes Recommendations on EURIBOR Fallbacks

    The private sector working group of ECB on euro risk-free rates published the recommendations to address events that would trigger fallbacks in the Euro Interbank Offered Rate (EURIBOR)-related contracts, along with the €STR-based EURIBOR fallback rates (rates that could be used if a fallback is triggered).

    May 11, 2021 WebPage Regulatory News
    News

    Bundesbank Publishes Supporting Documentation for Reporting by Banks

    Bundesbank published a list of "EntryPoints" that are accepted in its reporting system; the list provides taxonomy version and name of the module against each EntryPoint.

    May 11, 2021 WebPage Regulatory News
    News

    EBA Publishes Phase 1 of Reporting Framework 3.1

    EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).

    May 10, 2021 WebPage Regulatory News
    News

    APRA to Finalize Capital Adequacy Standard Revisions by January 2022

    Asia Pacific Australia Banking APS 111 Capital Adequacy Regulatory Capital Basel RBNZ APRA

    May 10, 2021 WebPage Regulatory News
    News

    ESMA Issues Guidelines on Outsourcing to Cloud Service Providers

    ESMA published the final guidelines on outsourcing to cloud service providers.

    May 10, 2021 WebPage Regulatory News
    News

    EBA Publishes Data on Deposit Guarantee Schemes

    EBA published annual data for two key concepts and indicators in the Deposit Guarantee Schemes (DGS) Directive—available financial means and covered deposits.

    May 10, 2021 WebPage Regulatory News
    News

    OSFI Sets Out Plan for Future Guidance on Managing Technology Risk

    OSFI has set out the schedule for release of draft guidance on the management of technology risks by federally regulated financial institutions and private pension plans.

    May 10, 2021 WebPage Regulatory News
    News

    MAS Updates Housing Loan Rules, Proposes Corporate Governance Guidance

    MAS updated rules for new housing loans by banks and finance companies.

    May 10, 2021 WebPage Regulatory News
    News

    HKMA Publishes Guideline on Sustainable Finance Grant Scheme

    HKMA published a statement on the 100% Personal Loan Guarantee Scheme and a guideline on the Green and Sustainable Finance Grant Scheme (GSF Grant Scheme) as announced in the 2021-22 Budget.

    May 09, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6962