JFSA published amendments to the regulatory notice on the "designated International Financial Reporting Standards" stipulated in the "Regulation for Terminology, Forms, and Preparation of Consolidated Financial Statements." The amendments are related to defining of the international accounting standards that have been published through May 31, 2021, by IASB, as "designated international accounting standards" set forth under Article 93 of the Regulation on Consolidated Financial Statements. These standards include IAS 39 and IFRS 9 (old and new standards on financial instruments), IFRS 7 on financial instrument disclosures, IFRS 4 on insurance contracts, and IFRS 16 on leases.
JFSA had consulted on draft amendments for the "designated International Financial Reporting Standards" from April 30, 2021 to May 29, 2021. JFSA has also published an overview of the comments received on the draft amendments. In addition, BOJ and JFSA jointly published a paper that focuses on the development and utilization of over-the-counter derivative transaction data and discusses that the development and utilization of financial market data remains an important issue.
Keywords: Asia Pacific, Japan, Banking, Insurance, Securities, IFRS 9, IAS 39, Financial Instruments, Disclosures, Insurance Contracts, OTC Derivatives, Data Collection, IFRS 4, JFSA
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
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