IASB published summary of the meeting of Accounting Standards Advisory Forum (ASAF), along with the meeting papers and recordings. The meeting was held from December 06, 2018 to December 07, 2018 at the IFRS Foundation office in London. The key topics discussed at the December meeting included financial instruments with characteristics of equity, business combinations under common control, pension benefits that depend on asset returns, management commentary, goodwill and impairment, update and agenda planning, and communication on primary financial statements.
Additionally, ASAF members advised on following six topics in IFRS 17 on insurance contracts that IASB is considering for possible amendments to the standard:
- Scope of IFRS 17—loans and other forms of credit that transfer insurance risk
- Acquisition cash flows for renewals outside the contract boundary
- Contractual service margin: coverage units in the general model
- Reinsurance contracts held: initial recognition when underlying insurance contracts are onerous
- Separate presentation of groups of assets and groups of liabilities
- Further modifications to the retrospective approach
Keywords: International, Accounting, Insurance, IFRS 17, Insurance Contracts, ASAF, IASB
Previous ArticleESMA Chair on Response to Developments on Crypto-Assets
The European Banking Authority (EBA) published the final draft regulatory technical standards on disclosure of investment policy by investment firms, under the Investment Firms Regulation (IFR).
The European Banking Authority (EBA) published version 5.1 of the filing rules for supervisory reporting.
The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.
The Australian Prudential Regulation Authority (APRA) published the prudential practice guide CPG 511 to assist banks, insurers, and superannuation licensees in meeting requirements of CPS 511, the new prudential standard on remuneration.
The Office of the Comptroller of the Currency (OCC) published a bulletin that provides an updated self-assessment tool for banks to evaluate their preparedness for cessation of the London Interbank Offered Rate (LIBOR).
The Financial Stability Board (FSB) published a report that examines the progress made toward disclosures aligned with recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
The Basel Committee on Banking Supervision (BCBS) published the progress report on adoption of the Basel III regulatory framework in member jurisdictions.
The French Prudential Supervisory Authority (ACPR) has implemented, in its information system, updates linked to the Data Point Model (DPM) version 3.1.
The European Banking Authority (EBA) published a thematic note that aims to identify and raise awareness of the transition risks of benchmark rates, as the London Interbank Offered Rate (LIBOR) and the Euro Overnight Index Average (EONIA) are close to being phased out.
In a letter to the federally regulated financial institutions and pension plans, the Office of the Superintendent of Financial Institutions (OSFI) published a summary of the feedback received to the January 2021 discussion paper on ways to address climate risks.