IASB published an updated work plan, along with the update of its meeting in March 2019. The update on the IASB meeting highlights preliminary decisions of the Board. Additionally, a summary of the decisions reached by IFRS Interpretations Committee (IFRIC) in its meeting in March 2019 has been published.
The key topics discussed at the IASB meeting on March 12-14 included a comprehensive review of the IFRS for SMEs standard, Financial Instruments with Characteristics of Equity, amendments to IFRS 17 on insurance contracts, the disclosure initiative, and the IBOR reform and its effects on financial reporting.
In addition, the IFRS Interpretations Committee met in London on March 05-06, 2019 and the key topics discussed at its meeting include the following:
- Holdings of cryptocurrencies
- Subsurface rights (IFRS 16 on leases)
- Application of the highly probable requirement when a specific derivative is designated as a hedging instrument (IFRS 9 on financial instruments and IAS 39 on Financial instruments: Recognition and Measurement)
- Physical settlement of contracts to buy or sell a non-financial item (IFRS 9)
- Credit enhancement in the measurement of expected credit losses (IFRS 9)
- Curing of a credit-impaired financial asset (IFRS 9)
Keywords: International, Banking, Insurance, Accounting, IFRS 17, IBOR, Work Plan, IFRS 9, Insurance Contracts, Cryptocurrencies, IFRS 16, Leases, IFRIC, IASB
Previous ArticleEBA Single Rulebook Q&A: Third Update for March 2019
PRA published a statement that explains when to expect further information on the PRA approach to transposing the Capital Requirements Directive (CRD5), including its approach to revisions to the definition of capital for Pillar 2A.
EIOPA is consulting on the relevant ratios to be mandatorily disclosed by insurers and reinsurers falling within the scope of the Non-Financial Reporting Directive as well as on the methodologies to build these ratios.
SRB published the work program for 2021-2023, setting out a roadmap to further operationalize the Single Resolution Fund and to achieve robust resolvability of banks under its remit over the next three years.
ECB finalized guidance on the way it expects banks to prudently manage and transparently disclose climate and other environmental risks under the current prudential rules.
BCBS published a technical amendment to the capital treatment of securitizations of non-performing loans by banks.
BoE announced that the Data and Statistics Division is planning to move collection of statistical data to the BoE Electronic Data Submission (BEEDS) portal.
APRA published the updated reporting standards and guidance for the collection of Economic and Financial Statistics (EFS), following a consultation process. Also published was a response letter to the feedback received on the proposal for amending the EFS reporting standards and guidance.
EC is consulting on a draft delegated regulation to supplement the Taxonomy Regulation (2020/852) by establishing the technical screening criteria for determining the conditions under which an economic activity qualifies as environmentally sustainable.
The IFRS Foundation published material highlighting the ways in which existing requirements in IFRS standards require companies to consider climate-related matters when their effect is material to the financial statements.
FSB published a progress report on the implementation of reforms to major interest rate benchmarks, including the London Inter-bank Offered Rate (LIBOR) benchmark.