Featured Product

    IASB Publishes Meeting Updates for October 2019

    October 25, 2019

    IASB published a summary of its October meeting. The discussions covered key topics such as amendments to the insurance contracts standard, impact of interest rate benchmark (IBOR) reform on financial reporting, review of IFRS for small and medium enterprises (SMEs) standard, and certain issues on financial instruments with characteristics of equity.

    With respect to the IFRS 17 on insurance contracts, the Board received a summary of the feedback from outreach on the Exposure Draft on amendments to IFRS 17. At the November 2019 meeting, the staff plans to provide the Board with a summary of feedback from comment letters on the Exposure Draft and a plan for redeliberating topics. The Board’s objective remains to issue any amendments to IFRS 17 in mid-2020. Additionally, the Board discussed and took decisions on potential IBOR reform-related accounting issues with respect to the classification and measurement of financial instruments, specifically:

    • The assessment of whether a change in the contractual cash flows or terms of a financial instrument is a substantial modification and the accounting requirements for modifications that are not substantial (that is, modifications that do not result in the derecognition of a financial instrument when IFRS 9 on financial instruments is applied)
    • Modifications that result in the derecognition of existing financial instruments and the accounting implications of recognizing modified financial instruments as new financial instruments

    The Board also discussed its plan to consult stakeholders on the core elements of the Dynamic Risk Management accounting model. After that consultation, the Board will decide how best to pursue the next phase of the project. Also discussed was the 2019 Comprehensive Review of the IFRS for SMEs standard.

    Keywords: International, Accounting, Banking, Insurance, Securities, IBOR, IFRS 9, Financial Instruments, Interest Rate Benchmark, IFRS 17, Insurance Contracts, IFRS for SMEs, IASB

    Featured Experts
    Related Articles
    News

    Regulators Fine Goldman Sachs for Risk Management Failures

    FCA and PRA in the UK, FED in the US, and the authorities in Singapore have fined Goldman Sachs for risk management failures in connection with the 1Malaysia Development Berhad (1MDB).

    October 23, 2020 WebPage Regulatory News
    News

    Canada Hosts International Conference of Banking Supervisors

    BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.

    October 22, 2020 WebPage Regulatory News
    News

    FCA Proposes More Measures to Help Insurance Customers Amid Crisis

    FCA proposed guidance on how firms should continue to seek to help customers who hold insurance and premium finance products and may be in financial difficulty because of COVID-19, after October 31, 2020.

    October 21, 2020 WebPage Regulatory News
    News

    EBA Issues Opinion to Address Risk Stemming from Legacy Instruments

    EBA issued an opinion on prudential treatment of the legacy instruments as the grandfathering period nears an end on December 31, 2021.

    October 21, 2020 WebPage Regulatory News
    News

    ESRB Publishes Non-Bank Financial Intermediation Risk Monitor for 2020

    ESRB published the fifth issue of the EU Non-bank Financial Intermediation Risk Monitor 2020 (NBFI Monitor).

    October 21, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Policy Statement Amending Benchmarks Regulation

    HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.

    October 21, 2020 WebPage Regulatory News
    News

    APRA Initiates Action Against a Bank for Liquidity Compliance Breach

    APRA announced that it has increased the minimum liquidity requirement of Bendigo and Adelaide Bank for failing to comply with the prudential standard on liquidity.

    October 21, 2020 WebPage Regulatory News
    News

    PRA Consults on Implementation of Certain Provisions of CRD5 and CRR2

    PRA published the consultation paper CP17/20 to propose changes to certain rules, supervisory statements, and statements of policy to implement elements of the Capital Requirements Directive (CRD5).

    October 20, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Rule to Reduce Impact of Large Bank Failures

    US Agencies adopted a final rule that applies to advanced approaches banking organizations and aims to reduce interconnectedness in the financial system as well as to reduce contagion risks associated with the failure of a global systemically important bank (G-SIB).

    October 20, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Rule on Net Stable Funding Ratio Requirements

    US Agencies (FDIC, FED, and OCC) adopted a final rule that implements the net stable funding ratio (NSFR) for certain large banking organizations.

    October 20, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 6004