IASB Issues Work Plan and Meetings Updates for June 2018
IASB published the updated work plan, along with the updates on its June meeting and on its joint meeting with the FASB, which was held on June 19, 2018.
The updated on the IASB meeting highlights preliminary decisions of the Board. The key topics discussed at the June meeting included disclosure initiative, dynamic risk management, proposal for a research project on interbank offered rate (IBOR) reform and its effects on financial reporting, primary financial statements, possible minor changes to IFRS 17 on insurance contracts, and research project on business combinations under common control. IASB also received an update on the meeting of the Islamic Finance Consultative Group, which was held in March 2018.
Additionally, FASB met with IASB for an educational session. The key topics discussed at the IASB-FASB joint meeting included segment reporting; primary financial statements; how disclosure requirements are developed and drafted; and the use of disclosure objectives, fair value measurement, goodwill and impairment, and respective activities supporting implementation of the new revenue recognition standards and leases standards. IASB's recently issued conceptual framework for financial reporting, along with the FASB conceptual framework project, was also discussed during the joint meeting.
Keywords: International, Accounting, Insurance, Work Plan, IFRS 17, Disclosure Requirements, FASB, IASB
Featured Experts
Gavin Conn
Experienced life actuary; background in economic capital modeling; ALM specialist; IFRS 17 researcher
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Nick Jessop
Scenario modeling expert; risk management specialist; quantitative financial modeler
Previous Article
BNM Consults on Pillar 3 Disclosure Requirements for BanksRelated Articles
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
BIS Bulletin Examines Cognitive Limits of Large Language Models
The use cases of generative AI in the banking sector are evolving fast, with many institutions adopting the technology to enhance customer service and operational efficiency.
ECB is Conducting First Cyber Risk Stress Test for Banks
As part of the increasing regulatory focus on operational resilience, cyber risk stress testing is also becoming a crucial aspect of ensuring bank resilience in the face of cyber threats.
EBA Continues Momentum Toward Strengthening Prudential Rules for Banks
A few years down the road from the last global financial crisis, regulators are still issuing rules and monitoring banks to ensure that they comply with the regulations.
EU and UK Agencies Issue Updates on Final Basel III Rules
The European Commission (EC) recently issued an update informing that the European Council and the Parliament have endorsed the Banking Package implementing the final elements of Basel III standards