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Transition Resource Group on IFRS 17
The Transition Resource Group (TRG) on IFRS 17 has begun its work in considering a range of implementation issues arising on IFRS 17, Insurance Contracts.
The group comprises 15 members drawn from insurance companies and audit firms from around..
Online Published Date:
05 April 2018
Appeared in issue:
21.02 - 05 April 2018
Business Combinations under Common Control
The Board had a brief discussion concerning how to set about the Business Combinations under Common Control project. One Board member noted that these transactions are very common in South America and that there is diversity in practice so the..
Online Published Date:
05 April 2018
Appeared in issue:
21.02 - 05 April 2018
Dynamic hedging
As reported in the February issue, the Board agreed in December to pursue the Dynamic Risk Management (DRM) project in two phases. First, the Board will develop the core areas that underpin the model before working on a more detailed elaboration of..
Online Published Date:
05 April 2018
Appeared in issue:
21.02 - 05 April 2018
Insurance Contracts
The Board received an update on the meeting of the Transition Resource Group (see p6) and the educational activities conducted with investors and analysts since the publication in May 2017 of IFRS 17, Insurance Contracts.
The investor outreach..
Online Published Date:
05 April 2018
Appeared in issue:
21.02 - 05 April 2018
Research Programme
Peter Clark, IASB research director, gave an update on the research programme concentrating on the pipeline projects. He reminded the Board that the pipeline had been introduced following the 2015 Agenda Consultation. The idea had been that there..
Online Published Date:
05 April 2018
Appeared in issue:
21.02 - 05 April 2018
Rate-Regulated Activities
The Board discussed the potential accounting model for rate-regulated activities.
The model focuses on the rights and obligations arising from a regulatory agreement. In effect, the service provider provides services to its customers in one..
Online Published Date:
05 April 2018
Appeared in issue:
21.02 - 05 April 2018
Discussion papers and exposure drafts
The Board discussed a background paper on discussion papers and exposure drafts. This discussion will inform the Board’s future decisions on whether to publish a discussion paper or exposure draft for the projects including primary financial..
Online Published Date:
05 April 2018
Appeared in issue:
21.02 - 05 April 2018
IFRS 9 – countdown to a deferral
Some major European banks will soon begin to publish documents showing the effects of the transition to IFRS 9 from IAS 39. However, not all financial services companies reporting under IFRS in Europe will be reporting under IFRS 9 in 2018, nor..
Online Published Date:
05 April 2018
Appeared in issue:
21.02 - 05 April 2018
Guidance on cybersecurity disclosures
The SEC has published interpretive guidance to assist public companies in preparing disclosures about cybersecurity risks and incidents. The guidance provides the SEC’s views of the legal reporting obligations in this area.
The Commission..
Online Published Date:
05 April 2018
Appeared in issue:
21.02 - 05 April 2018
European Commission: Comprehensive Report on Sustainable Finance
The topic of sustainable finance is high on the agenda of international regulators and the European Commission has been very active in this area. In December 2016, a High Level Expert Group (HLEG) was established by the Commission to provide advice..
Online Published Date:
05 April 2018
Appeared in issue:
21.02 - 05 April 2018
Update on IFRS 17, Insurance Contracts – Part 1
IFRS 17 has been attracting a lot of attention recently. In Europe, EFRAG has been busy with a number of workstreams that will collectively contribute to formulating its endorsement advice to the European Commission.
IFRS 17 Insurance Contracts..
Online Published Date:
05 April 2018
Appeared in issue:
21.02 - 05 April 2018
Editorial
This month’s newsletter has a European flavour as the articles in the news and analysis section focus on three topics that are, to some extent, inter-related and which all reflect developments in the EU. These are: the deferral of IFRS 9,..
Online Published Date:
05 April 2018
Appeared in issue:
21.02 - 05 April 2018
Primary Financial Statements
The Board renewed its discussion on the primary financial statements by discussing the terminology used in the previous meeting. Staff suggested that the term “key performance measure” should be replaced by “key financial measure..
Online Published Date:
05 April 2018
Appeared in issue:
21.02 - 05 April 2018
FRC launches Carillion audit investigation
The collapse of Carillion has sparked a swift reaction from a number of UK regulators, including the Financial Reporting Council (FRC), which has announced that it has decided to open an investigation into KPMG’s audit of the financial..
Online Published Date:
05 April 2018
Appeared in issue:
21.02 - 05 April 2018
Feedback on Disclosure Initiative Project
The meeting opened with staff providing full feedback on the Discussion Paper, Disclosure Initiative – Principles of Disclosure following on from the initial feedback provided to the Board in December. This led to a very wide-ranging..
Online Published Date:
05 April 2018
Appeared in issue:
21.02 - 05 April 2018
Financial instruments improvements
At the end of February, the FASB Issued Accounting Standards Update 2018-03, Technical Corrections and Improvements to Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial..
Online Published Date:
05 April 2018
Appeared in issue:
21.02 - 05 April 2018
New benchmark rate for hedging proposed
The FASB has issued an exposure draft relating to FASB Accounting Standards Codification® Topic 815, Derivatives and Hedging, which will broaden the benchmark rates that are eligible for hedging.
Topic 815 provides guidance on which risks..
Online Published Date:
05 April 2018
Appeared in issue:
21.02 - 05 April 2018
Further changes following the Tax Cuts and Jobs Act
The FASB gave its constituents a Valentine’s gift this year as, on 14 February, it issued an Accounting Standards Update giving further help to organisations seeking to account for tax effects as a result of the Tax Cuts and Jobs Act.
..
Online Published Date:
05 April 2018
Appeared in issue:
21.02 - 05 April 2018