Featured Product

    EC Amends Regulation on IFRS 16 in Response to COVID-19 Crisis

    October 12, 2020

    EC published Regulation 2020/1434 on the IFRS 16 standard on leases. Regulation 2020/1434 amends Regulation 1126/2008 adopting certain international accounting standards in accordance with the Regulation 1606/2002. Annex to the Regulation 2020/1434 details amendments to IFRS 16 with respect to the rent concessions related to the COVID-19 event. Each company shall apply these amendments, at the latest, as from June 01, 2020 for financial years starting on or after January 01, 2020. Considering the urgency of this operational relief related to the COVID-19 event, Regulation 2020/1434 shall enter into force on the day following that of its publication in the Official Journal of the European Union.

    In May 2020, IASB had published COVID-19-related rent concessions (amendment to IFRS 16). The amendment to IFRS 16 provides optional, temporary COVID-19-related operational relief for lessees benefitting from lease payments holidays without undermining the relevance and usefulness of financial information reported by companies. Following a consultation with the European Financial Reporting Advisory Group, EC concluded that the amendments to IFRS 16 meet the criteria for adoption set out in Article 3(2) of Regulation No 1606/2002. IASB set the effective date of the amendments to IFRS 16 from June 01, 2020. Therefore, the provisions of Regulation 2020/1434 shall apply retroactively to ensure legal certainty for the concerned issuers and to ensure consistency with other accounting standards laid down in Regulation No 1126/2008. Therefore, Regulation 1126/2008 has been amended accordingly. 

     

    Related Link: Regulation 2020/1434

    Effective Date: October 13, 2020

    Keywords: Europe, EU, Banking, Securities, COVID-19, IFRS 16, Leases, Payment Holiday, Regulation 2020/1434, Lease Concessions, IASB, EC

    Featured Experts
    Related Articles
    News

    APRA Decides to Standardize Submission Date for Quarterly Reporting

    APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.

    May 11, 2021 WebPage Regulatory News
    News

    Bundesbank Publishes Supporting Documentation for Reporting by Banks

    Bundesbank published a list of "EntryPoints" that are accepted in its reporting system; the list provides taxonomy version and name of the module against each EntryPoint.

    May 11, 2021 WebPage Regulatory News
    News

    ECB Working Group Publishes Recommendations on EURIBOR Fallbacks

    The private sector working group of ECB on euro risk-free rates published the recommendations to address events that would trigger fallbacks in the Euro Interbank Offered Rate (EURIBOR)-related contracts, along with the €STR-based EURIBOR fallback rates (rates that could be used if a fallback is triggered).

    May 11, 2021 WebPage Regulatory News
    News

    EBA Publishes Phase 1 of Reporting Framework 3.1

    EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).

    May 10, 2021 WebPage Regulatory News
    News

    APRA to Finalize Capital Adequacy Standard Revisions by January 2022

    Asia Pacific Australia Banking APS 111 Capital Adequacy Regulatory Capital Basel RBNZ APRA

    May 10, 2021 WebPage Regulatory News
    News

    ESMA Issues Guidelines on Outsourcing to Cloud Service Providers

    ESMA published the final guidelines on outsourcing to cloud service providers.

    May 10, 2021 WebPage Regulatory News
    News

    EBA Publishes Data on Deposit Guarantee Schemes

    EBA published annual data for two key concepts and indicators in the Deposit Guarantee Schemes (DGS) Directive—available financial means and covered deposits.

    May 10, 2021 WebPage Regulatory News
    News

    OSFI Sets Out Plan for Future Guidance on Managing Technology Risk

    OSFI has set out the schedule for release of draft guidance on the management of technology risks by federally regulated financial institutions and private pension plans.

    May 10, 2021 WebPage Regulatory News
    News

    MAS Updates Housing Loan Rules, Proposes Corporate Governance Guidance

    MAS updated rules for new housing loans by banks and finance companies.

    May 10, 2021 WebPage Regulatory News
    News

    HKMA Publishes Guideline on Sustainable Finance Grant Scheme

    HKMA published a statement on the 100% Personal Loan Guarantee Scheme and a guideline on the Green and Sustainable Finance Grant Scheme (GSF Grant Scheme) as announced in the 2021-22 Budget.

    May 09, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6959