Featured Product

    IASB Issues Work Plan and Meeting Updates for November 2018

    November 16, 2018

    IASB published an updated work plan, along with the update of its meeting in November 2018. The update on the IASB meeting highlights preliminary decisions of the Board.

    IASB discussed the implications of exploring amendments related to the effective date of IFRS 17 and to the expiry date of the temporary exemption from applying IFRS 9 on financial instruments in IFRS 4 on insurance contracts. Given the plans to consider whether to explore amendments to IFRS 17 and given the criteria for assessing any such potential amendments, IASB tentatively made the following decisions:

    • The mandatory effective date of IFRS 17 should be deferred by one year, so that entities would be required to apply IFRS 17 for annual periods beginning on or after January 01, 2022.
    • Consequently, the fixed expiry date for the temporary exemption in IFRS 4 from applying IFRS 9 should be amended so that all entities would be required to apply IFRS 9 for annual periods beginning on or after January 01, 2022.

    Other topics discussed at the November meeting included primary financial statements, IFRS implementation issues, objective of management commentary, classification of liabilities as current or non-current (amendments to IAS 1), updating a reference to the conceptual framework (amendments to IFRS 3), and rate-regulated activities.

    Keywords: International, Insurance, Accounting, IFRS 17, IFRS 9, IFRS 4, Insurance Contracts, Work Plan, IASB

    Featured Experts
    Related Articles
    News

    BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework

    BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework

    July 08, 2020 WebPage Regulatory News
    News

    PRA Statement on Application of Matching Adjustment Amid Crisis

    PRA published a statement to insurers that clarifies the approach to application of the matching adjustment during COVID-19 crisis.

    July 07, 2020 WebPage Regulatory News
    News

    EBA Provides Clarity on Implementation of Certain COVID-19 Policies

    EBA published a report on the implementation of selected COVID-19 policies within the prudential framework for banking sector.

    July 07, 2020 WebPage Regulatory News
    News

    EC Consults on Revision of Network and Information Systems Directive

    EC launched a consultation to revise the network and information systems (NIS) Directive (2016/1148), which was adopted in July 2016 and is the first horizontal internal market instrument aimed at improving the resilience of the EU against cybersecurity risks.

    July 07, 2020 WebPage Regulatory News
    News

    PRA Statement on LIBOR Transition and PRA Resolution-Related Rules

    PRA published a statement that outlines its view on the implications of LIBOR transition for contracts in scope of the “Contractual Recognition of Bail-In” and “Stay in Resolution” parts of the PRA Rulebook.

    July 07, 2020 WebPage Regulatory News
    News

    PRA Issues Updates to Pillar 2A Capital Framework in UK

    PRA published the policy statement PS15/20 to reflect additional resilience associated with higher macro-prudential buffers in a standard risk environment with a reduction in Pillar 2A capital requirements.

    July 06, 2020 WebPage Regulatory News
    News

    BCBS Report Examines Progress on Adoption of Basel III Framework

    BCBS published the eighteenth progress report on implementation of the Basel III regulatory framework in member jurisdictions.

    July 06, 2020 WebPage Regulatory News
    News

    FCA Proposes Guidance to Further Support Consumer Credit Customers

    FCA announced proposals that would provide continued support for certain consumer credit products to users, who are facing a financial impact because of the exceptional circumstances arising from the COVID-19 pandemic.

    July 03, 2020 WebPage Regulatory News
    News

    ACPR Publishes Draft of Taxonomy RAN 1.4.0 for Solvency II Reporting

    ACPR published a draft version of taxonomy RAN 1.4.0_PWD1, along with the related documentation, for Solvency II reporting.

    July 03, 2020 WebPage Regulatory News
    News

    BCBS Amends Guidelines on Sound Management of AML/CFT Risks

    BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).

    July 02, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5445