FED published the Federal Register notice extending for three years, with revision, the mandatory FR Y-9 family of reports on financial statements for holding companies. The FR Y-9 family of reports includes the reporting form FR Y-9C, which refers to the Consolidated Financial Statements for Holding Companies. FED had also posted an OMB supporting statement on FR Y-9C among others, on March 16, 2018. The accounting changes would be effective beginning with the reports reflecting the March 31, 2018 report date for changes related to equity securities and June 30, 2018 for all other changes.
FED had published a proposal to extend, with revision, the FR Y-9 family of reports in January 2018. The comment period for this proposal expired on March 05, 2018 and FED had received one comment from a banking association. FED is implementing a number of revisions to the FR Y-9C reporting requirements, most of which are consistent with the recent changes to the FFIEC Consolidated Reports of Condition and Income (FFIEC 031, FFIEC 041, and FFIEC 051). The revisions to the FR Y-9C include deletions, consolidations of existing data items into new data items, reductions in reporting frequency, and new and revised reporting thresholds for certain data items. The FED is also making changes to the reporting forms and instructions for the FR Y-9C to implement accounting changes related to equity securities under the Accounting Standards update on Recognition and Measurement of Financial Assets and Financial Liabilities (ASU No. 2016-01).
Effective Date: March 31, 2018 (changes on equity securities); June 30, 2018 (for other changes)
Keywords: Americas, US, Banking, Reporting, FR Y-9C, Dodd-Frank Act, FED
ESG and climate expert for P&C insurance; IFRS 17 specialist and chartered accountant; extensive experience in both life and non-life insurance, with focus on capital management, financial performance, and financial reporting.
Previous ArticleBCBS Publishes Responses to Consultation on Market Risk Standards
The European Banking Authority (EBA) has published the final templates, and the associated guidance, for collecting climate-related data for the one-off Fit-for-55 climate risk scenario analysis.
The European Banking Authority (EBA) recently published a report that recommends enhancements to the Pillar 1 framework, under the prudential rules, to capture environmental and social risks.
As a follow on from its prudential standard on the treatment of crypto-asset exposures, the Basel Committee on Banking Supervision (BCBS) proposed disclosure requirements for crypto-asset exposures of banks.
The Basel Committee on Banking Supervision (BCBS) and the European Banking Authority (EBA) have published results of the Basel III monitoring exercise.
The Prudential Regulation Authority (PRA) recently issued a few regulatory updates for banks, with the updated Basel implementation timelines being the key among them.
The U.S. Department of the Treasury has recently set out the principles for net-zero financing and investment.
The European Commission (EC) launched a stakeholder survey on the draft International Guiding Principles for organizations developing advanced artificial intelligence (AI) systems.
The finalization of the two sustainability disclosure standards—IFRS S1 and IFRS S2—is expected to be a significant step forward in the harmonization of sustainability disclosures worldwide.
Decentralized finance (DeFi) is expected to increase in prominence, finding traction in use cases such as lending, trading, and investing, without the intermediation of traditional financial institutions.
The Basel Committee on Banking Supervision (BCBS) published reports that assessed the overall implementation of the net stable funding ratio (NSFR) and the large exposures rules in the U.S.