IASB Proposes Updates to IFRS Taxonomy for 2019
IASB proposed to update the IFRS taxonomy for 2019 in the context of the interest rate benchmark reform. The proposed update includes IFRS taxonomy elements to reflect the new disclosure requirements introduced by the amendments to IFRS 7, IFRS 9, and IAS 39. IASB issued these new disclosure requirements September 2019. IAS 39 is the old standard on financial instruments, IFRS 9 is the new standard of financial instruments, and IFRS 7 is the standard on disclosures of financial instruments. The deadline for submitting comments is December 13, 2019. The amendments apply to annual periods beginning on or after January 01, 2020. Earlier application of the amendments, and therefore earlier use of the IFRS taxonomy elements, is permitted.
The amendments, which IASB issued in September 2019, require qualitative and quantitative disclosures to enable users of financial statements to understand how an entity’s hedging relationships are affected by the uncertainty arising from interest rate benchmark reform. IASB proposes to add six new elements to the IFRS taxonomy, as described in paragraph 3 of the proposed update. In addition, the Board proposes to add documentation labels for all the new elements and an implementation note for one new monetary element, as described in paragraphs 8–10 of the proposed update. The IFRS taxonomy files are not being provided for this proposed update because the changes are narrow in scope. However, a final IFRS taxonomy update will be released after the IASB approval.
Comment Due Date: December 13, 2019
Keywords: International, Accounting, Banking, IFRS 9, IAS 39, Financial Instruments, Disclosures, Interest Rate Benchmarks, IBOR, IFRS 7, IFRS Taxonomy, Reporting, IASB
Featured Experts
Metin Epözdemir
Metin Epözdemir helps European and African banks with design and implementation of credit risk, stress testing, capital management, and credit loss accounting solutions.
Masha Muzyka
CECL, IFRS 9, and IFRS 17 expert; credit risk and insurance risk specialist; strategic planning and credit analytics solutions consultant
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Previous Article
HKMA Reduces Countercyclical Capital Buffer in Hong Kong to 2.0%Related Articles
EC Delegated Regulation on Specialized Lending Exposures Under CRR
EC finalized the Delegated Regulation 2021/598 that supplements the Capital Requirements Regulation (CRR or 575/2013) and lays out the regulatory technical standards for assigning risk-weights to specialized lending exposures.
OSFI Consults on Minimum Qualifying Rate for Uninsured Mortgages
OSFI is proposing new minimum qualifying rate for uninsured mortgages under the Guideline B-20.
ECB Updates List of Supervised Entities in EU in April 2021
ECB updated the list of supervised entities in EU, with the number of significant supervised entities amounting to 115 as of the March 01, 2021 cut-off date.
OSFI Issues Letter on ICAAP Submission and Internal Audit of BCAR
OSFI issued a letter to confirm that a formal Internal Capital Adequacy Assessment Process (ICAAP) submission is not required in 2021.
EC Agrees to Prolong Scheme to Support NPL Reduction at Greek Banks
EC has approved the prolongation of an existing Greek scheme aiming to support the reduction of nonperforming loans, or NPLs, of Greek banks on the basis that it remains free of any State aid.
EIOPA Study Examines Internal Model Market and Credit Risks Under SII
EIOPA published a report presenting the results of its yearly study on the internal modeling of market and credit risks under the Solvency II Directive, also known as SII.
ESMA Issues Notification Templates for STS Synthetic Securitizations
ESMA published the interim simple, transparent, and standardized (STS) notification templates for synthetic securitizations, post the recent amendments to the Securitization Regulation.
EBA Issues Erratum for Phase 2 Package of Reporting Framework 3.0
EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.
EBA Updates Lists of Entities for Use in Capital Calculations under SA
EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.
FED Proposes to Automate Bank Stock Adjustment Using Call Report Data
FED published a proposal to automate non-merger-related adjustments to member banks' subscriptions to Federal Reserve Bank capital stock.
