South Africa


  • Industry: Financial Services
  • Type: Business and industry issue
  • Date: 2013/07/26

‘The Bank Statement’ KPMG’s Global IFRS Banking Newsletter – Issue 10 

The Bank Statement is KPMG’s IFRS Banking Newsletter produced by the International Standards Group and IFRS banking specialists around the KPMG network. It is a quarterly publication that provides updates on IFRS developments directly impacting banks, considers accounting issues affecting the sector, and discusses potential accounting implications of regulatory developments.
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  • The IASB provides welcome relief from the discontinuation of hedge accounting if the derivative hedging instrument is innovated to a clearing counterparty, provided that certain criteria are met. Regulators are focusing on forbearance arrangements. We explore the related accounting and disclosure requirements.


  • The IASB issues guidance on accounting for liabilities for levies in accordance with the provisions standard. Under this guidance, the recognition of levies in interim financial statements may result in uneven charges over the course of the year.


  • IFRS 13 Fair Value Measurement, which is effective from 1 January 2013, provides a single source of guidance on fair value measurement and replaces the guidance that was previously dispersed throughout IFRS. We consider some of the implementation issues that banks may face.


  • Following the issue by the IASB of its exposure draft ED/2013/3 Financial Instruments: Expected Credit Losses, many banks have been focusing on identifying crossovers and synergies between the proposals and the regulatory calculations under Basel.


If you would like further information on any of the matters discussed in this issue please contact Trevor Hoole.


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Trevor Hoole
Head of Markets: Financial Services
Tel: +27 (0)11 647 7276