IFRS Foundation published its annual report and audited financial statements for the year ended December 31, 2018. The report details the performance during the year, along with priorities of IFRS for 2019 and beyond.
The report details the key priorities for 2019, including the following:
- To publish an exposure draft on proposed amendments to IFRS 17 on insurance contracts and continue supporting implementation of IFRS 17
- To issue amendments to IFRS 9 on financial instruments and IAS 39 on recognition and measurement of financial instruments in response to IBOR reform
- To commence outreach on the core model in the dynamic risk management project
- To use online and other platforms to deliver educational materials on IFRS standards and the IFRS taxonomy
- To maintain an effective IFRS Interpretations Committee
The key achievements in 2018 include the following:
- Issued the revised conceptual framework for financial reporting
- Made progress on the better communication in financial reporting projects—Primary Financial Statements, Disclosure Initiative, and the IFRS Taxonomy
- Added a project on interbank offered rate (IBOR) reform to the work plan
- Published an update to the IFRS taxonomy on IFRS 17 on insurance contracts
- Published an updated guide for preparers on using the IFRS taxonomy
Keywords: International, Accounting, Banking, Insurance, IFRS 9, IFRS 17, Annual Report, IBOR, IFRS Taxonomy, Insurance Contracts, Financial Instruments, IASB, IFRS
APRA has concluded its review of the comprehensive plans of authorized deposit-taking institutions for the assessment and management of loans with repayment deferrals.
ESAs (EBA, EIOPA, and ESMA) published the first joint report that assesses risks in the financial sector since the outbreak of the COVID-19 pandemic.
BoE and HM Treasury confirmed that the COVID Corporate Financing Facility (CCFF) will close for new purchases of commercial paper, with effect from March 23, 2021.
ECB published a decision allowing the euro area banks under its direct supervision to exclude certain central bank exposures from the leverage ratio.
ESAs launched a survey seeking feedback on the presentational aspects of product templates under the Sustainable Finance Disclosure Regulation (SFDR or Regulation 2019/2088).
ECB published input of the European System of Central Banks (ESCB) into the EBA feasibility report on reducing the reporting burden for banks in EU.
EC adopted a decision determining, for a limited period of time, that the regulatory framework applicable to central counterparties, or CCPs, in the UK and Northern Ireland is equivalent to the requirements laid down in the European Market Infrastructure Regulation (EMIR or Regulation 648/2012).
EBA has decided to phase out the guidelines on legislative and non-legislative moratoria of loan repayments, in accordance with the earlier specified end of September deadline.
EBA published an Opinion addressed to EC to raise awareness about the opportunity to clarify certain issues related to the definition of credit institution in the upcoming review of the Capital Requirements Directive and Regulation (CRD and CRR).
ECB finalized the guide on assessment methodology for the internal model method for calculating exposure to counterparty credit risk (CCR) and the advanced method for own funds requirements for credit valuation adjustment (A-CVA) risk.