The International Accounting Standards Board (IASB) is requesting feedback as part of the post-implementation review of the classification and measurement requirements (along with the related disclosures) in the financial instruments standard IFRS 9. IASB will consider all written comments received by January 28, 2022. Later, IASB will seek feedback separately on the impairment requirements and hedge accounting requirements, when more information is available about the effects of the application of those sections.
IASB issued the completed version of IFRS 9 in 2014, combining the classification and measurement as well as the impairment and hedge accounting phases of its project to replace and improve on the IAS 39 standard on recognition and measurement of financial instruments. IFRS 9 specifies how a company is required to classify and measure financial assets and financial liabilities as well as some contracts to buy or sell non-financial items. IFRS 9 has been in effect since 2018. IASB undertakes a post-implementation review of each new IFRS standard or major amendment to a standard after companies have applied it for at least two years. These reviews offer IASB the opportunity to assess the effect of the new requirements on companies, investors, auditors, and regulators. After analyzing feedback from these reviews, IASB will decide whether to take any further actions. The actions can include providing educational materials or doing more research for possible standard-setting. At the end of this analysis, IASB will summarize and explain its responses to the feedback.
Comment Due Date: January 28, 2022
Keywords: International, Banking, IFRS 9, IAS 39, Financial Instruments, IFRS 7, Post-Implementation Review, Credit Risk, Disclosures, IASB
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The European Banking Authority (EBA) and the European Central Bank (ECB) published their responses to the consultations of the International Sustainability Standards Board (ISSB) and the European Financial Reporting Advisory Group (EFRAG) on sustainability-related disclosure standards.
A Consultative Group on Risk Management (CGRM) at the Bank for International Settlements (BIS) published a report that examines incorporation of climate risks into the international reserve management framework.
The European Banking Authority (EBA) published the final guidelines on liquidity requirements exemption for investment firms, updated version of its 5.2 filing rules document for supervisory reporting, and Single Rulebook Question and Answer (Q&A) updates in July 2022.
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HM Treasury published a draft statutory instrument titled “The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2022,” along with the related explanatory memorandum and impact assessment.