Featured Product

    EC Amends Regulation to Include Improvements to IFRS 9

    July 02, 2021

    EC published Regulation 2021/1080, which amends Regulation 1126/2008 and adopts certain international accounting standards in accordance with the Regulation 1606/2002 on IFRS 9 on financial instruments. The amendments relate to the annual improvements to IFRS 9, which IASB has issued. This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

    IASB issued, on May 14, 2020, the Annual Improvements to IFRS Standards 2018–2020 Cycle in the framework of its regular improvement process. The annual improvements aim to streamline and clarify the existing standards. The objective of the annual improvements is to address non-urgent but necessary issues discussed by IASB during the project cycle on areas of inconsistency in the International Financial Reporting Standards, or where clarification of wording is required. The annual improvements contain amendments to IFRS 9 and other standards. Following a consultation with the European Financial Reporting Advisory Group, EC concluded that the amendments to IFRS 9 meet the criteria for adoption set out in Article 3(2) of Regulation 1606/2002. Therefore, Regulation 1126/2008 has been amended, as set out in the Annex to Regulation 2021/1080. Each company shall apply the amendments to IFRS 9, at the latest, from the commencement date of its first financial year starting on or after January 01, 2022.

     

    Related Links

    Effective Date: July 22, 2021

    Keywords: Europe, EU, Banking, Accounting, IFRS 9, Financial Instruments, Annual Improvements, Regulation 1126/2008, IASB, EC

    Featured Experts
    Related Articles
    News

    BSP Tackles Aspects of Lending and Islamic, Open & Sustainable Finance

    The Central Bank of the Philippines (BSP) issued communications covering developments related to online lending platforms, open finance framework and roadmap, and on the expected regulations in the area sustainable finance.

    January 16, 2022 WebPage Regulatory News
    News

    US Agencies Issue Regulatory Updates, FDIC Launches Tech Sprint

    The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.

    January 13, 2022 WebPage Regulatory News
    News

    EBA Issues Guide on Bank Resolvability, Consults on Transferability

    The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).

    January 13, 2022 WebPage Regulatory News
    News

    MFSA Publishes CRD5 Updates and Supervisory Priorities for 2022

    The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0.

    January 13, 2022 WebPage Regulatory News
    News

    HKMA Extends Repayment for Trade Facilities, Consults on Crypto-Assets

    The Hong Kong Monetary Authority (HKMA) published a circular, along with the reporting form and instructions, for self-assessment, by authorized institutions, of compliance with the Code of Banking Practice 2021.

    January 12, 2022 WebPage Regulatory News
    News

    FCA Registers Securitization Repositories; PRA Issues 2022 Priorities

    The Financial Conduct Authority (FCA) decided to register European DataWarehouse Ltd and SecRep Limited as securitization repositories under the UK Securitization Regulation, with effect from January 17, 2022.

    January 12, 2022 WebPage Regulatory News
    News

    EC Regulation Sets Out Methods for Measuring K-Factors Under IFR

    The European Commission (EC) published the Delegated Regulation 2022/25, which supplements the Investment Firms Regulation (IFR or Regulation 2019/2033) with respect to the regulatory technical standards specifying the methods for measuring the K-factors referred to in Article 15 of the IFR.

    January 11, 2022 WebPage Regulatory News
    News

    BIS Studies How Platform Models Impact Financial Stability & Inclusion

    The Bank of International Settlements (BIS) published a paper that assesses the ways in which platform-based business models can affect financial inclusion, competition, financial stability and consumer protection.

    January 10, 2022 WebPage Regulatory News
    News

    CBE Issues Additional Measures to Ease Disruptions from Pandemic

    The Central Bank of Egypt (CBE) published a circular with instructions on emergency liquidity assistance to banks that are unable to meet their liquidity requirements.

    January 10, 2022 WebPage Regulatory News
    News

    ESAs Publish List of Financial Conglomerates for 2021

    The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.

    January 07, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 7868