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  • Industry: Financial Services, International Financial Reporting Standards (IFRS)
  • Date: 2/13/2014

IFRS Newsletter: Banking - issue 12 Q4 2013 

The Bank Statement

 

KPMG's Global IFRS Banking Newsletter - Issue 12 now available


We are pleased to share with you the latest issue of KPMG's IFRS banking newsletter - The Bank Statement. Developed by our International Standards Group and IFRS banking professionals around the KPMG network, this quarterly newsletter brings together current IFRS issues facing banks.

IFRS Newsletter: Banking - issue 12 Q4 2013
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Highlights:

 

  • The IASB issued a new general hedge accounting model - part of IFRS 9 Financial Instruments (2013) - which will align hedge accounting more closely with risk management.
  • The mandatory effective date for the application of IFRS 9 Financial Instruments will be no earlier than annual periods beginning on or after January 1, 2017.
  • Deliberations continue on some of the key aspects of the IASB's proposals for expected credit losses and classification and measurement to form part of the future financial instruments standard.
  • Non-EU banks have already applied IFRS 10 Consolidated Financial Statements, which is effective for annual periods beginning on or after 1 January 2013. We discuss some of the learning points from the first year of implementation.
  • The European Central Bank is to perform an asset quality review of the eurozone's most significant 130 banks. We consider some possible accounting implications.

 

For more information on this topic, please reach out directly to your KPMG adviser or email us at financialservices@kpmg.ca.

 

 Contact us

Mahesh Narayanasami

Mahesh Narayanasami

Partner, Advisory Services, KPMG Canada

416-777-8567

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