IASB Publishes Summary of October Meeting of Global Preparers Forum
IASB published a summary of the meeting of the Global Preparers Forum, along with the agenda papers and recordings. The meeting was held on October 08, 2019 at the IFRS Foundation office in London. The meeting included a session to provide an update on the interbank offered rate (IBOR) Reform project and obtain input from the members on potential accounting issues to be considered by IASB during Phase 2 of the project. The next Global Preparers Forum meeting will be held on March 05, 2020.
The Global Preparers Forum members’ comments on potential Phase 2 issues included the following:
- Agreement with the preliminary list of issues identified by technical staff
- A suggestion that issues arising when financial assets are modified be prioritized—there is less guidance on this topic in comparison to when financial liabilities are modified
- Consider the potential impact of IBOR reform on IFRS standards, other than the old and new standards on financial instruments—IAS 39 and IFRS 9
The members also noted that IASB should ascertain the availability of adequate resources to ensure that Phase 2 issues are addressed comprehensively and timely. As part of the next steps, the staff will consider feedback received from the members when it continues discussions on Phase 2 issues at future Board meetings.
Keywords: International, Banking, Securities, Accounting, IBOR, IFRS 9, Financial Instruments, Phase 2, Interest Rate Benchmarks, Global Preparers Forum, IASB
Featured Experts
Masha Muzyka
CECL, IFRS 9, and IFRS 17 expert; credit risk and insurance risk specialist; strategic planning and credit analytics solutions consultant
Anna Krayn
CECL adoption expert; engagement manager for loss estimation, internal risk capability enhancement, and counterparty credit risk management
Emil Lopez
Credit risk modeling advisor; IFRS 9 researcher; data quality and risk reporting manager
Previous Article
OFR Annual Report Describes Risks to Financial Stability as ModerateNext Article
BCB Publishes Proposal for Regulatory SandboxRelated Articles
NGFS Seeks Public Feedback on Climate Risk Assessment Scenarios
The Network for Greening the Financial System (NGFS) launched its first user feedback survey on climate scenarios, with the feedback period ending on February 27, 2023.
EBA Launches Stress Tests for Banks, Issues Other Updates
The European Banking Authority (EBA) launched the 2023 European Union (EU)-wide stress test, published annual reports on minimum requirement for own funds and eligible liabilities (MREL) and high earners with data as of December 2021.
EBA Proposes Standards for IRRBB Reporting Under Basel Framework
The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.
FED Issues Further Details on Pilot Climate Scenario Analysis Exercise
The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.
US Agencies Issue Several Regulatory and Reporting Updates
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
ECB Issues Multiple Reports and Regulatory Updates for Banks
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
CBIRC Revises Measures on Corporate Governance Supervision
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
