Featured Product

    IFRS Emerging Economies Group Discusses IFRS 9 Implementation in China

    February 12, 2020

    IFRS published a report containing summary of the 18th meeting of the Emerging Economies Group or EEG, which was held in Xiamen, China, during December 02-04, 2019. The meeting was hosted by the Ministry of Finance of PBC and the China Accounting Standards Committee. Key topics discussed at the December meeting included the interest rate benchmark reforms (IBOR), a comprehensive review of the IFRS for SMEs Standard, the 2020 Agenda Consultation, and the experience of China on implementation of IFRS 9 on financial instruments.

    Jianqiao Lu, an IASB member, presented an overview of the IASB project to resolve the accounting issues arising from interest rate benchmark reform. Members of the Emerging Economies Group supported the IASB plan to address the issues in two phases. In relation to Phase 2:

    • The members of Emerging Economies Group proposed that IASB should not only restrict its consideration to financial instruments in the scope of IFRS 9 but should also consider contracts that can be linked to IBOR—leases, insurance, and revenue contracts. Members of the Emerging Economies Group said they hoped that IASB could provide consistency across the IFRS standards.
    • Members of the Emerging Economies Group asked whether IASB would address the modification of financial assets that the IFRS Interpretations Committee had considered in 2016.

    It was noted that IASB intends to issue an IBOR Exposure Draft on the proposed amendments during 2020 and may request the Due Process Oversight Committee to consider a comment period of less than 90 days. Additionally, the Emerging Economies Group member from China provided an overview of the implementation of IFRS 9, as adopted in China. The member said that challenges included obtaining the data required to build the models for expected credit losses and the application of judgment to determine assumptions in those models. The next meeting of the Emerging Economies Group will be held in South Africa during May 11–13, 2020.

     

    Keywords: International, Asia Pacific, China, Accounting, Banking, Securities, Interest Rate Benchmarks, IBOR, IFRS 9, Financial Instruments, IFRS for SMEs, Leases, Emerging Economies Group, IFRS 16, IFRS

    Featured Experts
    Related Articles
    News

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News
    News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    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.

    January 01, 2023 WebPage Regulatory News
    News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    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.

    December 30, 2022 WebPage Regulatory News
    News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    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.

    December 29, 2022 WebPage Regulatory News
    News

    CBIRC Revises Measures on Corporate Governance Supervision

    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.

    December 29, 2022 WebPage Regulatory News
    News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News
    News

    EBA Updates Address Basel and NPL Requirements for Banks

    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.

    December 22, 2022 WebPage Regulatory News
    News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    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.

    December 22, 2022 WebPage Regulatory News
    News

    FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates

    The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.

    December 20, 2022 WebPage Regulatory News
    News

    FSB Reports Assess NBFI Sector and Progress on LIBOR Transition

    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.

    December 20, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8697